Visa is partnering with Singapore-headquartered global loyalty rewards startup Ascenda to advance new programs for customers in the Asia Pacific region. The loyalty program will work through Ascenda's new Nexus platform.
Visa is the first payments network to take advantage of Ascenda’s new product, according to a press release on Tuesday (Aug. 24). The platform will give Visa’s partners the ability to launch an inclusive rewards program for their customers.
See also: Visa Index Shows Hot July Discretionary Consumer Spending
Chris Clark, Visa's regional president for Asia Pacific, said that as the company’s business shifts beyond the limits of cards, loyalty schemes are becoming “more digital, more engaging, more personalized,” which makes it all the more important to “adapt to new opportunities.”
He added that through its partnership with Ascenda, Visa will have the ability to deliver rewards solutions that are in line with the fast pace that its bank and FinTech partners are looking for.
Read more: NEW DATA: Bank-Powered Loyalty Programs Could Help US Main Street Businesses Win 139M Customers
The broader shopping trends and preferences of consumers have been continuously evolving across digital lines, and rewards programs have had to keep up with the changes. The acceleration of eCommerce in all facets has presented new opportunities for consumer engagement “before, during and after the transaction,” Ascenda said in the press release.
"Visa and Ascenda already have a strong track record of partnering to equip top-tier banks with leading customer engagement solutions," said Sebastian Grobys, chief commercial officer at Ascenda.
"With Visa now leveraging our new Nexus model and integrating Visa's existing engagement solutions for rapid deployment, we are unlocking significantly greater scale for our collaboration going forward," Grobys added.
Data is the new star in determining the many nuances of customer satisfaction and expectations and is playing an ever-increasing role in giving companies more of an idea of how to best personalize rewards to complement shoppers’ needs.
Related news: NEW DATA: Budget-Minded Consumers Pick QSRs With Loyalty Programs
Taking into account the changing ecosystem, the Visa and Ascenda partnership aim to give card issuers such as banks or FinTechs the means to launch loyalty programs that are seamlessly integrated and simple to use, according to the press release. The Ascenda-powered rewards are packed with offers from retailers through Visa Offers Exchange and Ascenda's global network.
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August 25, 2021 at 12:07AM
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