MIAMI, (October 1, 2020) - Visa announced today that Latin American and Caribbean customers will now have access to an enhanced version of Visa Loyalty Solutions introducing My Rewards 2.0, which offers multiple loyalty options aligned with the shifting needs and digital trends of consumers during the pandemic. My Rewards 2.0, a digital, white-label and agnostic solution created by Visa and fintech & insurtech partner novae, in its new rendition, is centered around consumers’ every day spending needs versus the traditional loyalty models typically geared
toward travel-focused rewards. My Rewards 2.0 is the new generation of loyalty solutions, allowing consumers to use their loyalty points at their leisure, be it at the point of sale in person using tap to pay, online, or through all major digital wallets available in the region, as well as Click to Pay with Visa.
“Visa is constantly striving to enhance user experience. In the times we are navigating, where travel is limited, Latin America and Caribbean consumers want to redeem their rewards that are meaningful to them right now,” said Ricardo Tafur, Vice President of Consumer Products for Visa Latin America and the Caribbean. “Visa anticipated this, and we have responded with the revamped My Rewards 2.0 offering, bringing users the autonomy to redeem their points anywhere they see best.”
A recent Visa study on the impact of Covid-19 in Latin America and the Caribbean indicated that 50% of consumers in the region have suffered financial losses due to the pandemic, which has led to changes in spending. Consumers in the region are prioritizing health, experiences and relationships and the data reveals that they are eager to explore new ways to shop and pay using social channels. In addition, hygiene and social distancing measures established during the pandemic have triggered an acceleration in the adoption of cashless solutions with 70% of consumers are saying they’re using cash less than before. With My Rewards 2.0, consumers can enjoy additional benefits from using their cards and are able to access their rewards in nuanced, secure, safer and cleaner ways.
“We are excited to launch this disruptive experience across the region. This user-centric solution was conceived taking into consideration customer preferences and introduces the revolutionary digital currency Miles that provides the freedom to redeem online or in-stores anytime, anywhere. It responds contextually to cardholder needs, challenges, and wants. This solution will empower users to experience innovative functionalities such as instant redemptions, invisible payments (and combine it), and switch to Miles in addition to all the benefits embedded in My Rewards 2.0." said Rodrigo McCarthy, novae’s Head of Payments, “We have already had terrific receptivity from partners and truly believe that this will take loyalty to the next level.”
The Consumer is the Real Winner
My Rewards 2.0 is a state-of-the-art user digital experience centered on people’s everyday payment needs, which allows for the universal redemption online or in store at 61 million merchants worldwide – its Visa digital currency at your fingertips. The platform allows users to switch between mobile and desktop devices to manage points, while transactions and personal data storage security is ensured with secure encryption.
Powered by artificial intelligence My Rewards 2.0 provides an always-on, always ready hum/bot that brings the human touch by using automated natural language to help consumers round the clock with any questions. Consumers can count on smart and real-time support via in-app and online, through their preferred messaging channels: WhatsApp, Facebook Messenger, iMessage, and Instagram.
Redemption made easy. Points can be redeemed in-store via the contactless feature on the My Rewards 2.0 app, or via mobile, wearables or consumers can simply use their points in their e-wallets or upon check out on e-commerce sites.
A Turnkey solution for Visa Clients
Issuers benefit from the cost-efficient turnkey solution as well, bringing engagement, personalized service and value to their customers. The white-label feature allows issuers to customize and brand the program as their own, promoting early activation and spend stimulation, in an accelerated time-to-market of just three weeks.
According to JD Power’s Credit Card Satisfaction Study, loyal consumers spend 30% more than new ones and 47% of users who changed to a new card in the last 12 months did so to obtain better rewards.
“Visa recognizes that commerce in the midst of the pandemic summons for innovation – businesses need to provide added value by delivering a more convenient, personalized and simplified service,” added Tafur. “Visa is pleased to provide this solution to issuers looking to offer a contextual U/X and U/I to consumers, along with flexible, relevant and valuable propositions that increase preference.”
About Visa Inc.
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit About Visa, visa.com/blog and @VisaNews.
novae is a digital engagement banking aggregator for financial institutions, OTAs, airlines and merchants that focuses on designing digital experiences to bring brand engagement and user loyalty to new levels. Through white-label solutions built on conversational platforms, payment capabilities