Don't Miss


Home   >   Market - Finance   >   Finance   >   Mastercard, Interswitch set to reward Nigerian consumers

Mastercard, Interswitch set to reward Nigerian consumers

By on February 1, 2013

Nigerian shoppers who make cashless purchases at merchant locations with Verve Card and MasterCard at designated shopping outlets that are Reward Money enabled, or through a point of sale (PoS) are to get instant rewards.

This is based on the merchant’s pre-agreed discount to customers, and is instantly converted to spendable money on the customer’s card. It is an automated process and requires little effort from the merchant.

This cashless initiative, which requires little effort from the merchant is a robust loyalty platform capable of building profitable customer relationships for competitive edge.

Akeem Lawal, director, switching and processing at Interswitch, said at the official launch of the programme at merchant locations at Ikeja Shopping Mall “Reward Money is an innovative merchant loyalty scheme, which allows Verve cardholders to get instant rewards while using their cards at merchant locations.

“This is first of its kind loyalty programme in Nigeria, as it allows customers to earn Reward Money based on each merchant’s pre-agreed Reward Money allocation. The Reward Money earned is instantly converted to spendable money on the customer’s card. The receipt obtained from the merchants PoS shows the Reward Money earned and the total Reward Money balance accumulated.”

According to Lawal, the solution has been calculated to be “simple to use, simple to earn and simple to redeem” and it is also very easy to set up for the merchant. It is very easy for the merchant to use and operate as it is automated and requires minimal human interaction from the merchant and cardholders.

The PoS terminal recognises the cardholder and automatically awards the merchant specified Reward Money to the cardholder based on the amount spent. The more money the customer spends using a Verve card, the more Reward Money earned.

The money earned can instantly be spent or “burned” to buy products or services from the merchant, or can be accumulated to be spent later at the same merchant or at any of the other Reward Money-enabled locations.
[BusinessDay]