The service allows consumers who opt in to the program to earn points and discounts and redeem special offers by using their Visa card.
New capabilities include fully customizable offer content to allow retailers and financial institutions to tailor rewards to customers, real-time offer relevancy that provides retailers and issuers analytics to measure point-of-sale redemption rate, consumer loyalty qualification, multiple redemption options and support for multiple offers programs.
“Smarter commerce means having the right offer, delivered to the right customer at the right time,” Jim McCarthy, the global head of Visa products, said. “Visa’s new real-time point-of-sale redemption platform is a great example of Visa’s ability to apply its processing and technology expertise to simplify the use of offers and discounts, bringing benefits to merchants, acquirers, issuers and consumers. This enhancement to Visa’s processing platform is emblematic of our strategy to facilitate our clients differentiating benefits for their customers at the point-of-sale.”
Visa has set up agreements with leading retailers and will be able to manage the Offers system on behalf of retailers and financial institutions.
“From hardware designs to software enhancements, it has never been more important for the payments industry to find meaningful ways to enhance the consumer experience,” Nick Holland, the senior payments analyst at Javelin Strategy & Research, said. “Visa has a long history of delivering payment tools that transform the ways consumers shop, and Visa’s new offers redemption platform is another innovative example of making the payment process more efficient for banks, merchants and consumers.”