Payments FinTech Fiserv announced that cardholders can redeem points for Amazon purchases.
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GLOFiserv has introduced a new offering, unveiled on Thursday, that enables cardholders at participating financial institutions in the uChoose rewards program to use their rewards points from uChoose to make partial or full payments for qualifying purchases during Amazon checkout. The program, called Amazon Shop with Points, adds to the array of choices available to consumers and enhances satisfaction and loyalty by allowing them to treat themselves to desired items through their purchases on Amazon, whether it be for everyday essentials or special occasions.
Vice President of Product Management at Fiserv, Rajeev Yerukalapudi, emphasized that consumers appreciate having options, and Amazon’s Shop with Points program provides just that. By linking their eligible uChoose Rewards account on Amazon, consumers gain access to this payment option during the checkout process on Amazon.com and the Amazon mobile app.
Tyler Aldrich, Director of Amazon Payment Products, highlighted their commitment to offering more convenience and value to customers, stating that expanding the Shop with Points program to include uChoose Rewards from Fiserv adds further value for cardholders at these financial institutions when shopping on Amazon.
The timing of this partnership announcement coincides with data from the U.S. Department of Commerce, indicating that consumers are actively seeking value in their purchases and are focused on enhancing their savings due to the rising costs of debt obligations. As a result, consumers are becoming more discerning in their spending habits, opting for lower-priced merchants or reducing the quantity of their purchases.
The news about the collaboration between Fiserv and Amazon comes shortly after Fiserv’s release of quarterly earnings, showcasing impressive revenue growth for its point-of-sale solution, Clover. The popularity of Clover has contributed to a significant rise in annualized Gross Payment Volume (GPV), reaching $267 billion with a 15% increase.
