Saying that consumers are looking for easy ways to save money in the current economic environment, Walmart has joined financial services technology provider FIS’ Premium Payback credit card rewards network.
With this real-time rewards redemption network, Walmart stores in the United States can now allow their customers to get discounts at checkout with a single prompt, according to a Monday (Oct. 24) press release.
“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,” Walmart Senior Vice President and Assistant Treasurer Mike Cook said in the release. “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.”
In practice, customers using eligible cards will receive a prompt at checkout that gives them the option to use their rewards and have discounts deducted from their purchase amount, according to the release.
The FIS Premium Payback ecosystem includes thousands of financial institutions (FIs), 7,000 card reward programs and 45 million eligible cardholders, the release stated.
“More than ever, credit card rewards are a driving motivator for how and where consumers make purchases,” FIS President of Banking and Payment Solutions John Durrant said in the release.
PYMNTS research has found that 30% of FinTechs and 28% of FIs are “very” or “extremely” interested in using receipt data to support loyalty and shopping offers.
Read more: 95% of FIs Tap Power of Receipt Data
Receipt data can foster collaboration between FIs and merchants to help them craft compelling loyalty programs and help consumers understand their spending patterns, according to “Tapping Into the Benefits of Item-Level Receipt Data,” a PYMNTS and Banyan collaboration.
For all PYMNTS retail coverage, subscribe to the daily Retail Newsletter.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More