BenefitY and Multicart: A solution for integrating loyalty programs into banks' mobile applications

2022: Introduction of the solution for integration of loyalty programs into mobile applications of banks

and MultiKarta a resident, Skolkovo Foundation IT a company, BenefittY brought to the market a solution for integration loyalty programs in. This was mobile applications banks announced on June 6, 2022 by Multicart.

BenefitY previously created a single platform with retail loyalty programs, promotions, coupons, cashbacks, discounts from banks and payment systems.

BenefitY offers a different format for interaction between buyers, banks and retail. I am sure that in the context of a decrease in the purchasing power of the population, consumers and retail outlets will appreciate the decisions of our resident, said Pavel Novikov, director of the financial technology center of the Skolkovo Foundation.

With this solution, bank retail customers can:

• Store loyalty cards digitally, release new cards online in 2 clicks, see the balance of bonus points, change bonuses of different sellers;
• Apply retail loyalty programs automatically together with payment by any bank card or through the SBP (including through a smartphone) without the need to present a seller's loyalty card at the checkout;
• Search the banking application for discounts in relation to the geoposition;
• Receive personal offers for specific products.

Familiar to many Apple Pay and Google Pay are no longer available to us, shares from Visa and MasterCard are closed, bank cashback programs are declining. Banks need a qualitatively different way of communicating with an audience that is used to bonuses and a variety of loyalty programs. And we offer a solution far beyond conventional marketing promotions. Customers will receive all the benefits and bonuses in one banking application automatically with payment, and banks will receive an increase in consumer activity and the use of banking products. I am sure that thanks to the expertise and many years of experience of Multicard in the field of processing services, we sell the product for banks as technologically as possible, noted Evgeny Titarenko, founder of BenefitY.

The multicard at the first stage will provide processing support for the project, and subsequently the possibility of p2p payments, mass payments, payment of tips, etc. Tips to staff can be transferred, for example, by accumulated loyalty points. The implementation of such options as converting points into rubles will also take over the Multicart.

More than 50 Russian and foreign banks with a total retail audience of about 40 million people use the services of Multicard. We have a good idea of ​ ​ what products can be interesting and useful to partner banks. Therefore, our project with BenefitY seems more than promising. It will allow you to spend and change loyalty points of any companies and stores, apply discounts and other benefits immediately with payment by bank card or SBP - this is the future, added Boris Krivoshapkin, head of sales at Multicart.

Customers become owners of personalized offers on the same platform. Offers are formed - AIalgorithms that predict customer behavior by analyzing completed purchases. The system saves consumers money, eliminates the need to download mobile applications of retailers.

Small and medium-sized businesses, in turn, receive a tool to create loyalty programs and attract new customers without developing their application. Shares of small companies will automatically end up in mobile applications of banks, where there is a deliberately interested audience.

Banks receive a dynamic application that takes into account the preferences and interests of each client. Personalization simultaneously stimulates both consumer activity and the use of banking products: the number of transactions can grow to 30%. At the same time, the ability to "seamlessly" offer each client additional banking products will ensure their growth up to 20%.