ViVOtech is using RFID technology to produce a combination loyalty, prepaid and gift card. Retailers will now be able to offer a self-branded contactless card or key fob that will function like a combined prepaid and loyalty card, says the company.
Now Consumers Present Only One Card for Both Payment and Loyalty, Providing Retailers With a Stronger and Broader Acceptance of Their Programs
NEW YORK – ViVOtech, a leader in lifestyle payment transactions, has announced a next generation software platform that uses contactless RFID technology to integrate Loyalty with Prepaid/Gift card transactions. One of the key issues that retailers face today is lack of wallet share of their loyalty cards. With ViVOtech’s solution, a consumer no longer needs to carry a separate loyalty card to enjoy the savings and rewards through retailer’s loyalty programs. Thus, retailers will see a boost in the effectiveness of their loyalty programs while ensuring speedy transactions and store efficiency through contactless technology.
Utilizing ViVOtech’s ViVOplatform, a scalable and flexible transaction management system, retailers can make their loyalty programs dynamic to reward their special customers based on their lifestyle and buying habits. Retailers will now be able to offer a self-branded contactless (RFID) card or key fob that will function like a combined prepaid and loyalty card.
By using contactless (RFID) technology, retailers will be able to replace (on average) 23% of cash transactions into contactless payments. This will result in an increase in sales as contactless transactions tend to be 20% larger in purchase size as compared to cash transactions.
With increased usage of Loyalty and Prepaid/Gift cards, retailers can gather valuable consumer buying behavior data. This data can be used to target specific consumer groups with real-time personalized promotions such as instant rewards, cross-selling, and other loyalty awards as never before. For the consumer, there is the benefit of having a single multi-functional payment card that provides all the advantages of a Loyalty and Prepaid/Gift program – automatically earning points and redeeming them easily and conveniently at the point of sale.
Based upon Java J2EE software, the ViVOplatform is designed to handle multiple databases and/or operating systems such as Windows(R), Linux(R), Unix(R), and Solaris(R), guaranteeing future scalability and support for custom applications or advanced promotional and loyalty applications down the road. It is designed to easily interface with retailer’s legacy systems and financial networks using ISO 8583 messages and IP connectivity.
In addition to its usage of contactless functionality, other key differentiators for this Loyalty and Prepaid/Gift platform include a browser-based interface for both users and administrators along with several incorporated formats that allow easy automatic point accumulation, reporting, and redemption for the consumer.
“The beauty of the ViVOplatform is that it lets existing legacy systems take advantage of contactless functionality on Gift and Loyalty transactions seamlessly,” said Mohammad Khan, president & COO for ViVOtech. “Working with complementary ViVOtech products, this innovative solution offers a vast array of benefits to retailer and consumer alike while enriching the overall transaction experience for both. And in the end, it will ultimately contribute to the bottom line.”
Complementary ViVOtech Products
ViVOpay contactless readers working with ViVOplatform enable retailers’ existing POS systems to support various contactless (RFID) loyalty, Gift/Prepaid, cross selling, and instant reward software applications. At the same time, ViVOpay readers are certified by major card associations to allow acceptance of their branded contactless (RF) payment programs being rolled out in the United States. The ViVOpay 3000 is a countertop reader, and ViVOpay 4000 is a compact size reader that can easily be mounted on POS terminals and ECR systems saving precious counter space – while empowering retailers to offer enriched payment transactions.
ViVOtech also provides contactless (RFID) cards and fobs and personalization software to enable retailers to issue contactless Loyalty and Gift/Prepaid cards to their customers. Retailers can use ViVOtech’s design services to give exciting customized shapes and forms to the contactless fobs based on the lifestyle of their customer base.
ViVOtech, a leader in lifestyle payment transactions, provides breakthrough software technology that allows consumers to make contactless payments in a style that best fits their needs – with a radio frequency (RF) enabled credit or debit card in various form factors, an infrared/RF enabled cell phone, PDA or an access card at existing point-of-sale (POS) systems.
ViVOtech’s software allow banks, retailers, merchant acquirers and wireless operators to not only offer customers a choice of payment devices and enriched payment services such that they enjoy a convenient, rewarding, secure and fast payment experience, but also to benefit themselves from additional revenue and cost savings. ViVOtech is defining the new wave of enriched payment transactions that work with existing infrastructure making contactless payments faster than cash, safer than checks.
ViVOtech has shipped more than 50,000 contactless payment readers that are currently being deployed in United States, Canada, and Multiple countries in Asia and Europe. ViVOtech products are being used at Fast Food Restaurants (QSR), Casual Dining, Petroleum, Convenience Stores, Grocery Stores, Specialty Stores, Drug Stores, Corporate Cafeterias, Parking Garages, and Theaters. ViVOtech is headquartered in Santa Clara, Calif., with offices in Europe and Asia.