Railsr launches Rewards-as-a-Service in North America
By Edlyn Cardoza
Railsr, the global embedded finance experience platform, announced the availability of its Rewards-as-a-Service (RaaS) product in the US. This new product empowers Railsr customers to build finance experiences that drive loyalty and engagement and generate revenue by embedding rewards as a standalone capability or integrated with Railsr’s Cards-as-a-Service product and Credit-Card-as-a-Service solution.
Railsr’s customers can use RaaS to create a customised rewards program to suit their business objectives, such as increased card spend, deeper engagement, or more frequent brand interaction. A “reward currency” can be configured to support different reward types such as Air Miles, Loyalty Points, Crypto and Cashback.
“Less established or smaller companies can find it nearly impossible to distinguish themselves apart from larger ones on credit card reward programs,” said Tiffany Johnson, Head of Product, North America, Railsr. “Railsr’s platform changes this. Any company can offer credit cards and rewards to strengthen customer engagement, and loyalty, to ultimately drive customer revenues through increased card spend and brand engagement.”
Within a given rewards program, the RaaS product can be used to configure targeted offers that automatically reward customers for spending money. This may be at certain merchants, over promotional periods, or based on the value of a spend. It is up to the customer to decide. Railsr customers also use the same points currency to reward for other behaviours they want to encourage, such as newsletter sign-up, account anniversaries or referring a friend.
“Rewards create emotional engagement with consumers which drives loyalty with a brand. The biggest emotional connection is made when the value proposition is personalised,” added Johnson.
FinTech scale-ups, digital natives (for example, marketplaces), retailers, and sports clubs were previously underserved markets for credit cards and integrated rewards until Railsr launched Credit Cards as a Service and Rewards as a Service on the Railsr platform.
“Mega-brands like Starbucks have paved the way for non-bank brands to use embedded finance experiences as a strategic tool to reward customer loyalty in their apps, and the Railsr platform democratises that capability for any brand to use,” said Nigel Verdon, Co-founder & CEO, Railsr. “In the future, we believe that consumer finance will be delivered by the consumers’ favorite brands.”
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