Cheddar, the bank account-enabled instant payments platform, has announced the launch of its new cashback feature.
From today, Cheddar users will be paid cash straight back into their bank account as they spend with partnered retailers.
Following a trial debut at the UK’s biggest food and music festival tour, Pub in the Park, the new feature will allow users to earn up to 50% when making purchases at their favourite retailers both in-store and online. Already a variety of well-known retailers are onboard including Ocado, Joe & The Juice and Sports Direct.
Anyone can sign-up to the app effortlessly for free and use their existing debit or credit cards, Apple Pay or Google Pay to start earning cash back instantly. Once signed-up, users will have access to hyper-personalised offers based on actual spend behaviour from retailers with any eligible cards they’ve linked to the app.
Luke Ladyman, Chief Operating Officer & Co-founder at Cheddar says:
‘As the UK economy heads deeper into recession with inflation soaring to record highs not seen in 40 years, consumers’ shopping and spending habits are changing. At Cheddar it’s important to us, now more than ever, to make everyday spending as easy as possible and our new cashback feature will help our users save money effortlessly while they spend during these challenging times.’
‘For our retail partners, it will help to attract new high-intent customers, increase the loyalty of existing ones, and re-engage lost customers at a time when retail spend is expected to struggle. We’re extremely proud to offer this new win-win solution for both consumers and businesses and are excited to see them reap the benefits.’
Cheddar’s open banking-enabled platform uses customer spend data, via first-party consent, to personalise its cashback offerings for users. The app will track where they spend and how often in order to provide tailored offers from retail partners and ensure maximum benefit for both the retailer and the customer.
As the cost of living crisis deepens, consumers are spending much more cautiously to make ends meet and save money. Cheddar’s new cashback feature will help retailers increase customer loyalty, encouraging them, with monetary incentives, to purchase more frequently.
According to ‘The Tipping Point of Loyalty’ report’ it only takes 13 spends per year, on average, to create a loyal customer which are worth 22x more to retailers than non-loyal customers.
After launching in March 2022, this announcement marks Cheddar’s first expansion of its payments platform offering. Cheddar is also bringing the new cashback offering to Fresher’s Week for students to enjoy at several universities including; University of Bristol, University of Leeds, University of Manchester, University of Nottingham and University of Birmingham.
The new feature is live in the Cheddar app today, which can be downloaded from the Apple and Google Play stores.