JACKSONVILLE, Fla.--(BUSINESS WIRE)--FIS Premium Payback™, a real-time, point-of-sale redemption solution from FIS™ (NYSE: FIS), a global leader in financial services technology, is rolling out nationwide following a successful pilot program with BP, one of the world’s largest oil and gas companies.
The unique solution, which connects millions of consumer payment cards with loyalty programs to a redemption option at the point of sale, is being rolled out across all FIS loyalty clients. It allows retail loyalty programs to be connected to FIS’ broader loyalty network, thus offering more redemption options to consumers.
In the pilot program, more than 7,000 BP gas stations across the United States used FIS technology to allow consumers to redeem rewards points for real-time discounts using just a single swipe of their payment card. Customers were able to redeem rewards points for 50 cents off each gallon of gas up to 20 gallons.
Premium Payback scored for BP when it was added to the fuel provider’s existing rewards program. Pilot results showed meaningful increases in the number of card holders participating at BP stations, as well as a nearly 3% increase in use of BP by account holders who used their cards for gas. Eighteen percent of points redeemers also said they chose BP because of the loyalty program. Meanwhile, 56% of consumers in the program said gas discounts were a better value than other redemption options, and 88% said they would redeem points for gas discounts again.
Premium Payback is far from a gas-only solution, however. Highly adaptable, it can be used at any merchant point-of-sale to reward customers, drive loyalty and increase engagement.
“Demand for loyalty solutions is growing among consumers, particularly for solutions that meet their needs,” said Bruce Lowthers, EVP and president, FIS Global Retail Payments. “By combining consumer engagement, redemption velocity, POS integrations and more, financial institutions and retailers can drive new revenue opportunities and increase consumer loyalty.”
FIS has more than 25 years of experience operating card marketing and loyalty rewards programs for many of the largest retailers and financial institutions. It has more than 6,800 individual loyalty programs nationwide.
FIS is a global leader in financial services technology, with a focus on retail and institutional banking, payments, asset and wealth management, risk and compliance, consulting, and outsourcing solutions. Through the depth and breadth of our solutions portfolio, global capabilities and domain expertise, FIS serves more than 20,000 clients in over 130 countries. Headquartered in Jacksonville, Fla., FIS employs more than 55,000 people worldwide and holds leadership positions in payment processing, financial software and banking solutions. Providing software, services and outsourcing of the technology that empowers the financial world, FIS is a Fortune 500 company and is a member of Standard & Poor’s 500® Index. For more information about FIS, visit www.fisglobal.com.