uChoose Rewards Members Can Now Pay with Points at the Pump at bp and Amoco Stations
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Insights
The recent integration of Fiserv's uChoose Rewards program with Engage People and Velocity Logic represents a strategic move to enhance customer loyalty and engagement in the competitive payment solutions market. This collaboration allows cardholders to directly use their accumulated rewards points at bp and Amoco fuel stations, potentially increasing the perceived value of the participating financial institutions' card offerings.
From a market perspective, this initiative could drive increased card usage as consumers may prefer to use cards that offer direct, tangible benefits like fuel savings. This is particularly relevant given the current economic climate where consumers are looking for ways to optimize their spending. The partnership also positions Fiserv as an innovator in loyalty program applications, which could attract new financial institutions to their network, expanding their market share.
The announcement by Fiserv can be seen as a move to incentivize card usage and potentially increase transaction volumes for participating financial institutions. By providing cardholders with the ability to save on fuel—a frequent and necessary expense—Fiserv is indirectly stimulating the usage of credit and debit cards within its network.
For investors, this development could signal a positive trajectory for Fiserv's revenue growth, as increased transactions typically translate to higher fee income. Moreover, the partnership with bp and Amoco, prominent fuel retailers, suggests a robust strategic alliance that could lead to further collaborative opportunities and revenue streams.
The integration of point-of-sale rewards redemption directly at fuel pumps is a significant enhancement in terms of consumer convenience and satisfaction. This feature not only simplifies the redemption process but also provides immediate gratification to the consumer, which is a powerful motivator for behavior. Such innovations are known to foster brand loyalty and can lead to a preference for cards associated with the uChoose Rewards program.
Given that fuel expenses are relatively inelastic and recurrent, the opportunity to save on such purchases is likely to resonate well with consumers. This could lead to a shift in consumer behavior, favoring the use of cards linked to Fiserv's network for a broader range of purchases, thereby increasing overall card spend.
Credit and debit cardholders whose financial institutions offer rewards via the popular program from Fiserv can apply points to save money on fuel at thousands of locations
Through an integration with Engage People, the only loyalty network that enables program members to pay with points directly at checkout, and their partnership with Velocity Logic, a leader in fuel rewards technology, uChoose Rewards members will have the option to redeem points on their fuel purchase at the pump, saving
“Expanding our rewards redemption options to include uChoose Rewards gives our consumers different ways to save on their fuel purchases, and more reasons to choose our bp and Amoco brands,” said Mukta Tandon, vice president, US Mobility Marketing, bp. “The ability to redeem rewards points directly at the pump is an added convenience when people are on the go.”
“Consumers value convenience, and enabling rewards program members to pay with points directly at the point of sale enhances their overall experience,” said Jonathan Silver, CEO of Engage People. “Our partnership with Velocity Logic and integration with uChoose Rewards creates connections that empower consumers to make the most of their loyalty.”
Paying with points is a practical way for consumers to save on an everyday purchase, and the ability to accumulate and pay with points enables financial institutions to enhance the value of their card offerings and drive card usage. According to recent Expectations & Experiences research from Fiserv,
“Today’s consumer expects to be rewarded for loyalty, and they appreciate the ability to redeem rewards in a variety of ways, at places they already visit,” said Rajeev Yerukalapudi, vice president of Product Management at Fiserv. “Fuel is a regular purchase for the majority of households, and diversifying uChoose Rewards to enable redemption of points at the pump allows financial institutions to broaden the appeal of their card rewards programs.”
The integration of uChoose Rewards with Engage People’s platform allows a seamless transaction experience for the cardholder. When an eligible cardholder swipes their card at any participating bp and Amoco pump, the user will be automatically prompted with an offer to utilize their points. This creates a superior experience for the cardholder, while requiring no additional work from financial institutions.
uChoose Rewards is a flexible loyalty program that boosts activation and use of credit or debit cards by enabling cardholders to earn points and redeem them for items of value, including gift cards, travel, cash back, merchandise and more. The highly customizable solution enables financial institutions to implement a rewards program that best suits its objectives and cardholder base.
In a world that is moving faster than ever before, Fiserv helps clients deliver solutions in step with the way people live and work today – financial services at the speed of life.
About Fiserv
Fiserv, Inc. (NYSE: FI), a Fortune 500 company, aspires to move money and information in a way that moves the world. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover® cloud-based point-of-sale and business management platform. Fiserv is a member of the S&P 500® Index and one of Fortune® World’s Most Admired Companies™. Visit fiserv.com and follow on social media for more information and the latest company news.
About Engage People
Engage People is the only loyalty network that enables program members to pay with points directly at checkout. The global technology provider connects loyalty programs with global payment systems and online retailers, and covers
About Velocity Logic
Velocity Logic is a leader in bringing innovative reward solutions to the fuel and convenience store industry. Velocity's cloud-based solutions are built to provide flexibility and customer engagement for retailers. Velocity is the only company that can provide modular or a full turnkey software platform with a suite of reward technologies including its patented loyalty switch technology, c-store rewards, credit card enrollment, and the partner redemption platform. Each is uniquely designed to give retailers a competitive advantage. Velocity Logic is headquartered in
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View source version on businesswire.com: https://www.businesswire.com/news/home/20240122394781/en/
Media Relations:
Mark Jelfs
Senior Manager, Communications
Fiserv, Inc.
+1 262-737-8244
mark.jelfs@fiserv.com
Additional Contact:
Ann S. Cave
Vice President, External Communications
Fiserv, Inc.
+1 678-325-9435
ann.cave@fiserv.com
Source: Fiserv, Inc.
FAQ
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