There are several features that retailer loyalty programs can offer to win over customers, including travel-related rewards and zero APR. But, to really win over consumers, retailers need to pony up and offer cash back, which is the most popular incentive a rewards program can offer. And, when it comes to receiving cash back, consumers don’t want to wait for checks to arrive in the mail.
The October edition of the PYMNTS.com Disbursements Tracker™, powered by Ingo Money, highlights the latest company initiatives pushing payments and funds into recipients’ bank accounts faster — and, simultaneously, pushing paper checks out to pasture.
Around the world of disbursements
Sometimes it takes a disaster to highlight the urgency for change. In recent months, a series of natural disasters have done just that.
Hurricanes Harvey, Irma and Maria caused estimated damage somewhere between $150 and $200 billion. As such, Ingo Money CEO Drew Edwards and Visa’s senior vice president of push payments Cecilia Frew recently told PYMNTS’ Karen Webster that the insurance industry will likely face increased pressure to abandon its practice of issuing payment claims using paper checks. The two executives explained that with more modern technology available — technology that can deliver insurance claims directly to recipients’ bank accounts for immediate use — the industry should seize upon the opportunity to innovate to serve a customer base that is still struggling to recover.
In the Netherlands, a trio of Dutch banks will work together to establish a global payment infrastructure and pave the way for the country to offer real-time payments. The system will be available year-round once it launches, including weekends and holidays, and enable payments to be quickly processed and sent to consumers’ bank accounts.
Another effort to expedite cash flows was launched in Asia, where Japanese firm Doremin and Vietnamese bank Lien Viet Post Bank will collaborate to help workers in Vietnam access their wages using virtual cards. The partnership is meant to help Vietnamese workers gain quicker access to their earnings while also expanding financial inclusion.
Government benefits are another way to both expand financial inclusion and keep people from falling into poverty. The October edition of the Tracker includes a Deep Dive that looks at the state of government benefits around the world — including unemployment payments, government subsidies for healthcare and educational payments — that can help put millions of benefit recipients on the path to financial inclusion.
To read the Deep Dive, along with a roundup of the latest notable news from around the Disbursements space, check out the latest Tracker.
Innovating cash back rewards to win customer loyalty
Many retailers offer loyalty programs and rewards like cash back to entice their customers to come back and shop again. But, for customers, keeping track of various incentives — not to mention the apps and websites from claiming benefits — can be overwhelming. And many cash back rewards come in the mail in the form of paper checks. For the October Tracker’s feature story, PYMNTS interviewed Bryan Leach, CEO of Ibotta, who discussed how the company’s mobile app is offering customers a faster method to redeem their cash back earnings without relying on paper checks, and new opportunities for merchants to boost engagement.
To read the story, download the Tracker.
. . . . . . . . . . . . . . . .
TO DOWNLOAD THE OCTOBER EDITION OF THE PYMNTS.COM DISBURSEMENTS TRACKER™, POWERED BY INGO MONEY, CLICK THE BUTTON BELOW.
About The Tracker
The PYMNTS.com Disbursements Tracker™, powered by Ingo Money, is your go-to resource for staying up to date on a month-by-month basis on the trends and changes in the digital disbursement space.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More