Source: Welcome Real-time
Welcome Real-time, the global leader in innovative loyalty solutions, today announced that InterSwitch, the Pan-African integrated transaction and payment processing company, has gone live with the Welcome XLS loyalty solution for its Nigerian loyalty initiatives.
The loyalty scheme, known as Reward Money is a merchant funded programme, and helps InterSwitch differentiate the Verve Card from other payment cards in Nigeria.
The Reward Money scheme allows Verve cardholders to get instant rewards while using their cards at any of over 1,000 merchant outlets participating in the scheme. The Reward Money earned is based on each merchant's pre-agreed discount and is instantly converted to spendable money on the customer's card. The attractiveness of the scheme will help drive usage of the Verve Card among consumers.
Implementing the Welcome XLS loyalty solution enables merchants and card issuers to execute loyalty programmes across multiple channels, such as at the point of sale (POS), at an ATM or via the web. This functionality is unique in the Nigerian market.
InterSwitch has also set up its Customer Acquisition and Retention System (CARES), also based on the Welcome XLS platform. This system aims to help banks offer bank-wide loyalty programmes, where customers are rewarded for their use of banking products and services allowing the bank to build a customer holistic reward platform." InterSwitch provides consulting services that aid the organisation to set up a loyalty network (or specific scheme). The services would range from concept design, reward design, solution design and deployment; ensuring the pre-defined business objective of the organisation is achieved. This system will also be available for issuers, acquirers and merchants to drive customer loyalty.
Akeem Lawal, Director, Payment Infrastructure and Transaction Processing for InterSwitch said: "In order to meet our needs, we needed a technology platform capable of operating consistently across several channels and with the flexibility to cater for additional payment methods in the future. Welcome XLS demonstrated this, allowing banks and retailers to set up a loyalty scheme that makes it simple for the cardholder to enrol, earn rewards and subsequently redeem them. These elements are integral to driving customer loyalty. To this end, we have introduced the Reward Money scheme in certain merchant locations, and it is our hope that it will contribute to driving the cashless economy initiative by the Central Bank of Nigeria."
Philippe David, CEO of Welcome Real-time said: "The payments landscape in Nigeria is evolving quickly thanks to government initiatives encouraging card usage. The deployment of loyalty programmes such as Reward Money in the region will act as a catalyst for the Nigerian Central Bank's cashless initiative. Our work with InterSwitch is a testament to our ongoing collaboration with clients and partners across the globe, helping them to innovate and encourage brand loyalty."