VISA Inc has confirmed that it will expand its partnership with customer loyalty services provider Reward Insight (Reward), covering all European market jurisdictions.
The decision follows on from the success of its Reward scheme trial for the UK market, in which VISA customers were incentivised with exclusive shopping and cash-back offers across 30 online and highstreet retailers every month.
VISA confirmed that its personalised Reward schemes will be initially rolled out across Ireland by the end of the year, before being made available as a loyalty service for its entire 250 million European cardholders.
“With Reward’s extensive retail network and tailored content, Visa cardholders can get access to relevant and personalised offers to spend and save at the retailers they prefer,” said Kevin Akerman, Executive Director, Visa.
“In partnership with our issuing banks, we are delighted to continue working with Reward to bring tailored offers to our customers across Europe so they can save when they spend with their Visa card.”
Reward is recognised as Europe’s largest provider of Personalised Card-Linked Offers (“PCLOs”), using advanced predictive analytics from spend, location and demographic data to drive insight and relevance for its clients and partner retailers.
Expanding its cooperation with VISA, Reward stated that it anticipates its expanded partnership to deliver a projected €1 billion in customer shopping incentives by 2022.
Gavin Dein, Reward’s founder and CEO, says: “Our goal is to help design, build and operate the best Customer Engagement programmes in the world, around the world. We made a pledge in 2018 to give £1bn of rewards to customers by 2022.
“So far, we’ve given back over £740m and we hope this partnership with Visa will help us achieve that goal. In the last few years, we’ve made huge investments in anonymising, cleansing and aggregating transactional data so that our advanced algorithms can predict where consumers are likely to shop next.”
“We believe that PCLO is the future of performance marketing and excited to bring this Capability to Europe with Visa.”