Walmart Enables Pay with Points through FIS Premium Payback, Giving Their Customers More Ways to Save

Rhea-AI Summary

FIS has announced that Walmart will join its Premium Payback program, allowing customers to redeem credit card rewards for discounts at over 4,700 U.S. Walmart stores. This initiative aims to enhance consumer savings during challenging economic times. Millions of eligible cardholders will benefit from real-time discounts at checkout with a prompt. The partnership aligns with Walmart's mission to help customers save money, while FIS aims to support consumer engagement through innovative financial solutions.

Positive

• Partnership with Walmart enhances consumer savings through real-time discounts.
• Access for millions of cardholders from over 7,000 card rewards programs.

Negative

• None.

Key facts

• Walmart stores located in the U.S. will participate in the Premium Payback program, enabling millions of eligible cardholders to save money at checkout with a single prompt.

JACKSONVILLE, Fla.--(BUSINESS WIRE)-- In today’s challenging economic environment where consumers are seeking more ways to save, credit and debit card rewards are among the most popular ways businesses can deliver value and retain shoppers. FIS^® (NYSE: FIS), a global leader in financial services technology, has announced that Walmart is joining Premium Payback™, the financial technology company’s real-time rewards redemption network.

The addition of Walmart to the Premium Payment network will give millions of consumers the opportunity to redeem their credit card rewards points for real-time discounts at more than 4,700 Walmart stores across the U.S. Walmart customers using eligible cards will be prompted at checkout with the option to turn their card rewards currency into discounts, which will be deducted from their purchase amount.

“Walmart’s mission is to help customers save money so that they can live better, and FIS Premium Payback allows customers to enjoy the benefits of their rewards in real-time at checkout,” said Mike Cook, Senior Vice President and Assistant Treasurer at Walmart. “Today’s busy consumer is looking for a frictionless shopping experience, and our partnership with FIS makes paying with points as simple as a single prompt at the point of sale.”

“More than ever, credit card rewards are a driving motivator for how and where consumers make purchases. We are excited to partner with Walmart and card issuers to bring Premium Payback to consumers who can benefit from this new way to pay for their purchases,” said John Durrant, President of Banking and Payment Solutions at FIS. “Major players like Walmart come to FIS because we have the innovative technology solutions to enable these experiences that deliver significant value and savings to consumers across the U.S.”

Thousands of financial institutions representing more than 7,000 card rewards programs are enrolled in the FIS Premium Payback ecosystem with up to 45 million eligible cardholders.

About FIS

FIS is a leading provider of technology solutions for financial institutions and businesses of all sizes and across any industry globally. We enable the movement of commerce by unlocking the financial technology that powers the world’s economy. Our employees are dedicated to advancing the way the world pays, banks and invests through our trusted innovation, system performance and flexible architecture. We help our clients use technology in innovative ways to solve business-critical challenges and deliver superior experiences for their customers. Headquartered in Jacksonville, Florida, FIS is a member of the Fortune 500® and the Standard & Poor’s 500® Index. To learn more, visit www.FISglobal.com. Follow FIS on Facebook, LinkedIn and Twitter (@FISglobal).

View source version on businesswire.com: https://www.businesswire.com/news/home/20221024005140/en/

Kim Snider, +1 904.438.6278

Senior Vice President

FIS Global Marketing and Communications

kim.snider@fisglobal.com

Source: Fidelity National Information Services

FAQ

What is the FIS Premium Payback program with Walmart?

The FIS Premium Payback program allows Walmart customers to redeem credit card rewards for real-time discounts at checkout.

How many Walmart stores will participate in the Premium Payback program?

Over 4,700 Walmart stores in the U.S. will participate in the Premium Payback program.

What benefits does the Premium Payback program offer cardholders?

The program provides eligible cardholders the opportunity to convert rewards points into immediate discounts at Walmart.

When did FIS announce the partnership with Walmart?

FIS announced the partnership with Walmart on the date of the press release, October 24, 2022.

How many eligible cardholders are included in the FIS Premium Payback ecosystem?

The FIS Premium Payback ecosystem includes up to 45 million eligible cardholders.