Digital Transactions Authoritative, insightful and timely information for payments professionals
The big payments processor Fiserv Inc. is partnering with Amazon.com Inc. to enable credit and debit card holders enrolled in Fiserv’s uChoose rewards program to redeem points on Amazon.com.
Cardholders enrolled in uChoose and the Amazon Shop with Points program can redeem rewards for all or part of their purchases on Amazon.com and through the Amazon mobile app. More than 200 financial institutions are enrolled in uChoose, which has more than 8,000 global and local merchants in its network. Fiserv says it expects several hundred more financial institutions to join the uChoose program by year’s end.
To redeem rewards points, consumers link a uChoose Rewards account on Amazon.com. Once an account is linked, the payment option will be available on Amazon.com during checkout. Customers can use rewards to cover all or a portion of an order, including paying for taxes and shipping. Any remaining balance can be paid using the same card, an Amazon.com gift card, credit balance, or promotional coupon. There is no fee to redeem uChoose Rewards.
“Consumers love choice, and Amazon provides it,” Rajeev Yerukalapudi, vice president of product management for Fiserv says in a statement. “The Amazon Shop with Points program gives cardholders another option to redeem their uChoose Rewards points…while giving them the opportunity to reward themselves through their purchases, whether for daily essentials or special occasions.”
According to Fiserv’s “2022 Expectations & Experiences” study, 71% of consumers with multiple payment cards determine which card they will use based on the opportunity to accumulate rewards. Mercator Advisory Group’s “2022 North American Payments Insights” report indicates 39% of consumers said that an offer of redeemable points for specific merchandise, travel, or entertainment would be a motivator for them to use their card more frequently.
“Expanding our Shop with Points program to include uChoose Rewards from Fiserv will provide cardholders at these financial institutions even more value while shopping on Amazon,” says Tyler Aldrich, director of Amazon Payment Products. in a statement.
