August 24, 2016
Visa Commerce Network Leverages Payment Network for Digital Offers
Feb. 1, 2016
On Friday, Visa launched a loyalty and offers platform delivered through its payment network aimed specifically at merchants selling via e-commerce, m-commerce and apps. Visa said its Visa Commerce Network will enable merchants selling through digital channels to “create online and in-app experiences” that will drive customer acquisition and loyalty through relevant offers.
Visa said the service works by connecting transactions between two merchants on VisaNet. A trial in the Boston area, for example, gave Visa card holders who used their cards at Shake Shack a discount on Uber rides. Visa said the pilot resulted in new customer acquisition rates in the double digits and higher customer spend levels for Shake Shack, while Uber riders saw the offer rewards seamlessly credited to their Visa cards. Uber said it is expanding the test to 10 cities next week where it will offer discounted rides and automatically enter Visa card holders who enroll in an offer and use their card at any local grocery store into a drawing for Super Bowl tickets.
“This is a service where everyone benefits,” said Ramon Martin, global head of merchant sales and solutions for Visa Inc. “Visa cardholders get access to great offers that don’t require any changes to how they pay, while merchants can acquire new customers and increase sales. By coupling the power of Visa’s payment network with our merchant partners, we are unleashing value for businesses, issuers and consumers alike.”
The service was built on the foundation of technology Visa obtained nearly a year ago when it acquired Mountain View, Calif.-based e-commerce platform TrialPay.