PointsPay, a global mobile wallet and mobile payments solution launched in October, together with launch programme partner, Etihad Airways, reports large user adoption in its first month (view press release). The solution converts virtual currency such as miles and points, into over 150 global currencies for use as payment at over 30 million merchants worldwide.
Key figures for the new service include; 2.6% of the active program members registered; 148,000,000 points loaded; 3,400 prepaid cards issued; 24% of transactions carried out at merchants in store and 83% of members remain with a positive points account balance after a transaction.
PointsPay has been used at around 1,200 merchants including Amazon, Apple, Best Buy, eBay, FedEx, Groupon, Hotels.com, Macy’s, Netflix, Skype, Snapfish, Shell, Spotify, Tesco, Vodafone and Victoria’s Secret. Purchase categories include energy, electronics, fast food, sports, telecom, travel, grocery, department stores and charities.
Dominic Hofer, Founder and CEO of Loylogic and PointsPay said: “After investing two years developing PointsPay, we are very pleased with the take-off. From the initial reactions of programme managers, we expect PointsPay to play a key role in driving global member engagement and programme revenues as members experience maximum freedom to redeem their miles and points at more than 30 million merchants worldwide.”
Whitepapers
Related reading
Central banks best suited to issue digital currencies
By Aaran Fronda A recent report by the Official Monetary and Financial Institutions Forum (OMFIF) said that central banks rather than private ... read more
Instant payments: innovations inbound for corporates
In 2020, instant payments look set to continue their current trajectory to become the biggest trend in payments. While these schemes already offer numerous benefits to corporates, leveraging innovations such as APIs and request to pay will go some way to unlocking their full potential, argues Michael Knetsch
Obstacles exist for banks to meet ECB’s instant payments goal
The cost of joining instant payment platforms will be one of many hurdles banks and payment services providers must overcome to meet ... read more
Banks must be aware of “biases” in data used to train ML models
Financial institutions need to be conscious of biases in the historical data that is being used to train machine learning (ML) models, ... read more