June 15, 2012

Mountain View, Calif.-based Intuit Financial Services announced the release of a mobile banking rewards app for the iPhone and Android.

The Mobile Purchase Rewards product allows for consumers to receive and activate customized merchant-funded discounts or rewards that are based on their personal buying habits. According to Intuit, customers swipe their bank- or credit union-provided ATM/debit card to redeem and save money. The savings are then automatically deposited back in the customer’s checking account at the end of each month. The new solution also provides for the consumer to receive rewards for frequently using debit cards.

Mobile Purchase Rewards is automatically included for existing customers of Intuit's Purchase Rewards program and iPhone and Android mobile apps. The feature has been available online from some Intuit-powered banks and credit unions since August 2010.

"With the proliferation of smartphones, today's mobile consumers expect their financial institution to deliver a wealth of information that can be used anywhere, at any time and on any device," said CeCe Morken, senior vice president and general manager of Intuit Financial Services, in a prepared statement. "Bringing Purchase Rewards to mobile devices provides financial institutions a good way to better engage customers on their terms and build deeper relationships."

Bryan Yurcan is associate editor for Bank Systems and Technology. He has worked in various editorial capacities for newspapers and magazines for the past 8 years. After beginning his career as ...