ABA Endorses Linkable Networks’ Card-Linked Offer Technology (July 8, 2013)
July 8, 2013
Banks are finding more ways to enrich their mobile payments offerings with technology making it easier for consumers to redeem digital coupons with their credit, debit or prepaid cards. Through its Corporation for American Banking subsidiary, the American Bankers Association (ABA) this month endorsed Linkable Networks’ card-linked offer technology designed to distribute coupons and offers across multiple channels, including mobile phones, tablets or PCs as well as offers advertised via print, TV and radio. It is the first card-linked offer program the ABA has put its stamp of approval upon, an ABA spokesperson tells Paybefore. Once a payment card is registered, customers of participating banks can easily link various offers from national merchants to their card. When the offer is redeemed, the saving appears on the customer’s bank statement, the ABA said. Merchants fund only the offers that are redeemed, increasing efficiency by eliminating the need for paper coupons and unfulfilled promotions, according to the organizations.
Merchant-funded rewards linked to cards are becoming an important retention tool for banks, according to Bill Kroll, ABA executive vice president. “Consumers love meaningful deals, and Linkable has put our member banks in a position to enhance their brand and be that source of value to their customers.”
Transaction-based marketing programs have been gaining ground in recent years. Paybefore Award-winning Cardlytics last year expanded its clients to more than 300 financial services companies, including Bank of America, NetSpend, AccountNow and FSV Payment Systems.