Virtual Card Services (VCS), a leader in developing and implementing credit, debit and smart card processing systems, has announced a strategic partnership deal with the multiple award-winning loyalty business Cashbackpoint.
In a first for the African continent, the deal brings payment card linked cashback rewards to the online market.
Consumers in South Africa can register through cashbackAPP.com or install cashbackAPP if they have an iPhone or Android phone, securely register their normal debit or credit card, regardless of which bank issued it, and begin collecting automatic rewards instantly.
Their registered card becomes a loyalty card, which will be able to be used to accumulate cash back rewards at all participating VCS online merchants and also a growing number of offline merchants.
For the consumer, there is one currency of reward across thousands of merchants.
No points, vouchers or discounts, just cash back, which consumers can withdraw every time they accumulate R500 and spend the money on anything they like.
For the merchants, who can register on the platform free of charge and operate their own Closed Loop Card-Linked-Loyalty programme, they also are able to access transactional and demographic statistics of their customer base enhancing their ability to market their business and understand their consumer’s purchasing behaviour.
Kim Hodgson, CEO of Cashbackpoint, said: “All merchants on our platform can view aggregated data such as first-time customer statistics; the frequency of customer revisits; average spend and much more. In addition, merchants can advertise to the entire customer base and also contact their opted in customers individually or in bulk through the system at no cost.”
VCS now brings an added value service to its customer base, which will not only increase merchant retention, but also brings huge additional value to attract new consumers and merchants.
CEO of VCS Wouter Uitzinger said: “With over 10 000 online merchants making our company the market leader in Africa, VCS has not only entrenched its position but is now bringing even greater innovation to the market, which even further differentiates us from our nearest competitors.”
