Financial services technology provider Fiserv introduced a new mobile application for its UChoose Rewards debit and credit card rewards programs. Participants in the program will be able to use the mobile app to check and redeem their rewards points, and scan UPC codes on merchandise in store to see if they can use their rewards points to purchase an item, Fiserv said in a statement today.
"Card usage is extremely important in a rewards program. Adding innovative, engaging capabilities like mobile reward redemption helps increase loyalty to that card," Holly Krest, senior vice president of Loyalty Solutions at Fiserv, said in the statement. "UChoose Rewards participants use their cards for 50 percent more transactions as compared to their non-participating peers."
The new mobile app is available on Google Android devices, as well as the iPad and iPhone. The app includes an in-store pick-up option that allows UChoose users to complete their rewards redemptions at Best Buy stores and take their merchandise home that day. The app will also find the nearest location where an item is available if it is sold out at a particular store.
"Consumers want solutions that simplify their lives and save them time and money," said Dennis Moroney, research director at CEB TowerGroup, financial services strategy consultant. "It will be interesting to see how UChoose Rewards grows as mobile capabilities become more essential to daily financial management."
The UChoose Rewards program lets banks choose from merchant-funded, issuer-funded or blended rewards programs designed, the company said, to incentivize card usage of debit and credit cards. Fiserv also jointly launched a new website for the program with the mobile app that provides enhanced searched functions for redeeming points faster.
Jonathan Camhi has been an associate editor with Bank Systems & Technology since 2012. He previously worked as a freelance journalist in New York City covering politics, health and immigration, and has a master's degree from the City University of New York's Graduate School ... View Full Bio