British Airways taps fintech startup Banked for new loyalty offering | PhocusWire - 1 views
www.phocuswire.com/rs-with-fintech-startup-banked
loyalty tech rewards digital payments airlines fintech
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British Airways Executive Club members who make an online purchase with a Banked merchant can collect Avios, the rewards currency of BA Executive Club
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Merchants, meanwhile, can offer Avios to customers without having to accept credit cards with high processing fees
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Merchants that integrate the Banked and Avios checkout option stand to gain increased customer loyalty, conversion rates and a higher average order value.
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With 78% of consumers making purchasing decisions based on loyalty points, being able to offer Avios through the Banked network will help our merchants increase conversion rates and improve customer loyalty
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Fintech startup company, Banked, has partnered with British Airways to provide a new and effective form of payment for their airline loyalty members to pay for online purchases using BA Avios. BA Executive Club members can now use their bank account via Banked and merchants will be able to offer the Avios option at a fraction of the cost of credit card processing fees. (2-4% vs 0.1%) This new partnership will lead to increased customer loyalty, conversion rates along with higher average order value. Banked is currently integrated with may of the largest banks in the United Kingdom, including Barclays and HSBC. Banked CEO stated that 78% of consumers in the UK are making purchasing decisions based on loyalty points, which will extremely increase customer loyalty from the British Airways Executive Club members. In my opinion, this is an excellent way for loyalty club members, especially airline and hotel rewards members, to be able to utilize their points or miles that have been of no use due to the pandemic. This has already been integrated in the United States through Chase, American Express, and Citibank where rewards points can be used for purchases online and even on Amazon. This was the correct step for BA because they will be able to retain loyal customers until travel restrictions are lightened.