Visa and SKUx Partnership Promotes Digital Consumer Payments

Digital payments company SKUx announced a collaboration with Visa to accelerate digital transformation for consumer packaged goods (CPG) companies and select merchants. According to a press release, the partnership will enhance digital payments by leveraging SKUx’s payment-based offer solutions, which support a variety of client use cases, including customer care and acquisition, loyalty programs, and recovery. It also aims to provide a seamless, end-to-end consumer experience.
 
The SKUx platform, already employed by many CPG brands, addresses the transition from outdated physical processes—such as checks, coupons, and rebates—to digital solutions. The platform enables companies to engage directly with customers by delivering client-branded, real-time Visa digital payments to mobile devices.
 
Visa clients can engage directly with SKUx, driving value creation among B2B and B2C payment flows for merchants and manufacturers. In return, it will facilitate digitization of customer care and recovery, drive acquisition, and target spending at the product level.
 
The partnership comes as consumers and businesses are increasingly shifting toward faster and digital payment options. Recent reports by Federal Reserve Financial Services indicate a 31% increase in digital wallet use by companies and a 32% increase among consumers during the past year.
 
The Reserve noted, “These changes, particularly consumers’ use of digital wallets and online banking, are leading to increases in instant and faster payment use cases such as bill payment, mobile wallet funding and defunding, account-to-account transfers, and immediate payroll for employees.”
 
In addition, 74% of consumers say they utilized instant payment methods last year, while 86% of businesses used faster payment methods. Moreover, 25% of consumers prefer instant payment solutions when managing their finances.
 
On the commercial front, 92% of companies using instant payments reported benefits for B2B transactions and account-to-account payments. Furthermore, the Federal Reserve’s Consumer Research Brief showed that 57% of consumers plan to use faster payment options more often for online purchases and when paying bills at the last minute.
 
Read more about the SKUx Platform here:
https://skux.io/smart-payments/
 
 
Read More on Trends, Updates, and Industry Leaders  
 
 
Read more on Loyalty360:  
 
Visa Enhances Personalization and Transforms the Customer Experience with Next-Generation Payment Innovations
 
Visa Expands Fintech Fast Track Program Beyond Card Issuance
 
CPG Customer Loyalty: Strategies & Best Practice

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