Australia's Cashback Tech Evolution
Discover how Australia's merchant-funded cashback offers utilizing card linking tech are evolving with insights from PokitPal and Basiq, amid global trends in loyalty programs.
November 26, 2023
Overview of Merchant-Funded Cashback Offers in Australia
Merchant-funded cashback offers in Australia predominantly use card linking technology provided by companies such as PokitPal. These offers have not yet incorporated Open Banking capabilities, which companies like Basiq are developing.
Insights from PokitPal and Basiq
Both Pokitpal and Basiq are set to share updates on the progress of integrating Open Banking with merchant-funded cashback offers.
Partnerships and Ownership
PokitPal, a partner of Visa, delivers offers for Virgin Money Australia. Basiq, which also had relationships with Visa, has seen investments from various other companies including Plaid, NAB Ventures, Salesforce, and Westpac's Reinventure. As of March of this year, Basiq is predominantly owned by Cuscal Limited.
Case Study: Nectar Loyalty in the UK
In the UK, Nectar Loyalty had successfully implemented a program using Open Banking for bonus loyalty points offers. This was in collaboration with TrueLayer and Cardlytics, though the program was recently discontinued.
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