FIS adds Walgreens into the power of premium payback

By Pavithra R

Financial service technology provider FIS has announced the addition of Walgreens to its growing roster of merchants and retailers using Premium Payback, the company’s real-time rewards redemption network.

Walgreens is an American company that operates as the second-largest pharmacy store chain in the United States. Starting this month, the company’s customers with eligible payment cards will be able to tap into their credit card rewards points in real-time to help pay for in-store purchases. 

With FIS Premium Payback, Walgreens customers can opt to “pay with points” at the point-of-sale (POS) after they’ve dipped, swiped or tapped their eligible card. A prompt on the card terminal will ask the shopper if they want to apply a credit worth $10 per transaction based on available eligible points.

“Research shows that the ability to use card loyalty points to make purchases is becoming an increasingly important factor in consumer decisions on where to shop. By integrating FIS Premium Payback into its in-store payments network, Walgreens is taking a bold step to bring new levels of savings and value to its customers and drive return shopping,” said Bruce Lowthers, president of Banking and Merchant Solutions at FIS.

Walgreens is among the growing number of merchants like Paypal, Shell and BP offering its customers this opportunity. Thousands of FIs representing more than 7,000 card loyalty programs are enrolled in the FIS Premium Payback ecosystem with up to 37 mn eligible cardholders.

Established since 1968, FIS is a provider of technology solutions for merchants, banks, and capital markets firms globally. It is a Fortune 500 company and is a member of Standard & Poor’s 500 Index. The FinTech supports real-time payments across the globe, processing instant transactions in 24 countries including the United States, India, China, Australia and the U.K.