LONDON, Nov. 30, 2021 /PRNewswire/ -- Reward have announced the extension of their partnership with Visa to cover all the markets across Asia-Pacific. Building from their partnership in Europe, this deal now allows Visa cardholders to benefit from Reward merchant offer content, through Visa Offers eXchange, a marketplace that uses Visa transaction data to provide cardholders with more personalised merchant offers.
When a Reward merchant joins Visa Offers eXchange, they can utilize the extensive range of insights that enable them to create targeted offers. Financial institutions then select the merchant offers to curate for their Visa cardholders based on their spend behaviour.
The partnership builds on Reward's already successful business model, providing retailers with transactional insight and banks with technological capabilities to deliver Personalised Card Linked Offers and Customer Engagement solutions at scale
Reward will focus on delivering their global, regional, and local merchant offer content into Visa Offers eXchange for issuer offer programs in Singapore, Australia, Malaysia, Mainland China, Hong Kong and Taiwan. The new offer content gives local issuer programmes the opportunity to communicate ready-to-market personalised offers from global brands to their cardholders.
The expanded partnership means:
Reward will now deliver personalised retail offers to a potential 350m+ Visa cardholders globally.
This supports Reward strategic goal of giving £1bn in rewards to customers through bank Customer Engagement programmes by 2022. To date they have given back over £945m and expected to reach their goal by the Summer of 2022.
Reward, Europe's leading bank Engagement as a Service solution (EaaS), has today announced a further extension of their strategic partnership with Visa. Having been selected to provide capabilities and content for Visa's issuer Customer Engagement programmes across Europe in 2020, they are now working with Visa in Asia Pacific to partner on Visa's merchant offers marketplace, Visa Offers eXchange.
This partnership with Visa in Asia Pacific will build on Reward's long standing and successful partnership with Visa in the UK and across Europe, where they currently provide Customer Engagement capabilities and Content. The programmes supported by Reward, provide customers with some of the richest retail offers in the market, thanks to Reward's extensive Merchant Marketplace and their ability to deliver personalised card linked offers (PCLO) to Visa cardholders. Retailers on the platform range from Amazon to Farfetch, McDonalds to Harvey Nichols.
As a result of this extended partnership agreement, Reward's merchant content will be distributed, at first, into Visa Offers eXchange for issuer offer programs in Singapore, Australia, Malaysia, Mainland China, Hong Kong and Taiwan.
Gavin Dein, Reward's founder and CEO says "At Reward, we are passionate about using data to enrich the value propositions for banks, merchants, and cardholders alike; Visa Offers eXchange has a similar goal, leveraging the power of the Visa transactional data to do so, so we are extremely excited to partner with Visa on this. Bringing together our merchant content and Visa's capabilities enables us to give consumers across Asia Pacific access to personalized offers from the world's largest retailers. At Reward, our goal has always been to help design, build and operate the best Customer Engagement programmes in the world, around the world. We made a pledge back in 2018 to give £1bn of rewards to customers by 2022. So far, we have given back over £926m and we know this partnership with Visa Asia Pacific will help us reach that goal."
Conor Lynch, Head of Consumer Solutions, Asia Pacific, Visa said "Cardholders in Asia Pacific aren't impressed with their reward programs unless they can receive highly personalised offers. In order to meet their expectations, offers have to be backed by comprehensive data so we're reaching the right people in the right place at the right buying moment. As the global leader in digital payments, Visa has that macro view on how people are spending, and therefore where and when they'll spend next. Expanding Visa's partnership with Reward to Asia Pacific benefits both banks and merchants in the region. When banks in our region issue Visa cards, their customers can now access an extensive range of offers from Reward's merchant partnership network. And merchants in Asia Pacific have a new offers program that brings the power of VisaNet data and our millions of cardholders."
Reward is a Global Customer Engagement Platform, using advanced predictive analytics from spend, location and demographic data to drive insight, relevance, card-usage and product cross-sell for banks and retailers.
The Company has a cloud-hosted, API-based platform provided on full or modular basis to challenger and traditional financial institutions driving increased NPS, customer loyalty and retention.
Reward has one of the world's broadest and deepest retail network with global, regional and local retail partners being promoted in over 30 countries through partnerships with Visa, Mastercard and American Express.
Reward believes you can do good and do good business. It has given more than £945m in rewards to customers by helping design, build and operate the best Customer Engagement programmes in the world.