This month FIS – the world’s largest provider of banking and payments technology – unveiled a nationwide rollout of its real-time loyalty program, Premium Payback, which allows consumers to redeem points for discounts.

Unlike other loyalty programs, the new technology powering Premium Payback prompts consumers to redeem their rewards at the point-of-sale. What’s more, it allows retail loyalty programs to be connected to FIS’ broader loyalty network, thus offering more redemption options to consumers. Premium Payback is highly adaptable across industries and can be used at any merchant POS to reward customers, drive customer loyalty, and increase customer engagement.

Consider the pilot program with BP. Consumers at more than 7,000 BP gas stations were able to redeem rewards points for real-time discounts, such as 50 cents off each gallon of gas up to 20 gallons. Some of the other results from BP’s pilot program included:

Nearly 3% increase in the use of BP by account holders who used their cards for gas

18% of redeemers said they chose BP because of the loyalty program

88% of redeemers said they would redeem points for gas discounts again

“We had great response from the rewards program customers,” Bob Legters, Chief Product Officer, North American Retail Payments Product Management, FIS, told Loyalty360. “This was piloted as a ‘surprise and delight’ experience where cardholders would be prompted during the purchase decision. The response rate was phenomenal and customer satisfaction with the solution was great.” 

Regarding customer behavior, Legters said FIS saw a measurable shift from purchasing fuel at other stations to the BP stations where the reward could be redeemed. 

“We also saw increased engagement from the customers where shift from other cards to the rewards card allowed for increased earning,” he added. “We received very positive responses, including, ‘this is cool’ and ‘I didn’t know my financial institution could do that’ comments from our consumer surveys. In our surveys, 88% of consumers said that they would continue to redeem their points for fuel discounts in the future and more than half felt it was a better value than other redemption options.”

Cassie Boutelle, VP, Loyalty Products, Global Retail Payments. FIS, noted the technology’s potential impact for brands.

“Our Premium Payback solution utilizes point of sale integrations to map participating card BINs in the pre-authorization stream for a seamless process for consumers – one swipe, one smooth experience,” Boutelle explained to Loyalty360. “There are numerous benefits to all of the participants. Each rewards provider retains their own messaging and relationship, while driving increased engagement with cardholders. Retailers also benefit from higher brand affinity, increased volume, and a shift in spend from competitors. Consumers also win with the ability to convert their rewards points into real value at the point-of-sale.”

Years ago, Boutelle said, FIS saw the evolution of rewards programs toward more real- time and interactive engagement opportunities, and developed an integration strategy with its partners.

“FIS believes that Premium Payback is an offering that gives clients the flexibility to bring these solutions to their customers in unique ways,” she said. “For rewards programs to be effective, simple redemption and member engagement are must-haves. The Premium Payback strategy does just that, all while allowing our clients to engage with their cardholders at real-time and at the point-of-sale, unlike any other offering in the market.”

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