In the wake of a successful pilot, Discover announced Wednesday that it is offering bank software vendor Fisoc's debit rewards program, Buzz Points, to its issuing banks.
Last year, Fisoc of Austin began trialing its services over Discover's PULSE debit network. During a test, an issuing bank used Buzz Points to dole out rewards that could be redeemed for gift cards or donated to charities.
Buzz Points was started in 2011, originally as BuzzBanking. Fisoc markets its social media marketing software to community banks and credit unions.
"After recent regulations significantly changed the debit landscape, we were seeking an innovative rewards platform to help our issuers boost cardholder loyalty, encourage debit use and improve their bottom lines," said Judith McGuire, Discover PULSE's executive vice president of product management. "The program had to demonstrate value to both issuers and merchants. It also had to be easy to implement and help issuers build relationships with consumers and merchants. The Buzz Points program delivers on all of our criteria."
Buzz Points offers a social media component to member banks that lets debit cardholders earn points that then make it into posts automatically pushed to people's Twitter and Facebook profiles outlining the rewards they've earned. The bank, of course, is tagged in each post.
In addition, people receive text messages and email alerts through the Buzz Points program prodding them with offers that encourage shopping. Those messages are opt-in only.
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