Unleashing loyalty points to pay
New payment feature – Bakkt® pay now enables pay with points
The loyalty landscape continues to evolve and brands are flexing in new ways to differentiate from the pack. This is leading to a resurgence in rethinking loyalty programs and an ongoing focus on creating more compelling offers to drive deeper customer engagement with brands. We’re excited to announce that Bakkt® pay is enabling a new feature for customers to pay with points – and it’s officially LIVE with our partner, Wyndham Rewards®. With Bakkt, Wyndham Rewards Members can now use their points to pay anywhere Apple Pay® and Google Pay™ are accepted.
Points and their utility can enhance customer brand perceptions and create enriching experiences, including those that drive habituation and relevancy in customers’ lives. Removing friction and creating seamless experiences is central to how Bakkt is approaching our goal of connecting the digital economy and dazzling customers with new options from their favorite brands.
This capability is a big step forward for how brands can drive deeper engagement with their loyalty programs. Not only because of the opportunities it represents for loyalty program members, but also for the potential it offers to a broader range of hotel and travel companies, retailers, QSRs and more.
The longer rewards sit in the customer’s account, the more they are subject to expiration, changing values, changing terms or abandonment. This can lead to a less rewarding outcome for the customer and the business potentially misses out on providing a unique brand engagement and association — the primary reason their loyalty program exists.
How does it work for merchants?
Our partners are seeking flexibility when they work with Bakkt, and partners who want to unleash the potential of their program points and introduce increased opportunities can select different approaches based on what aligns with their business objectives and engineering capabilities.
For brands looking for a quick speed to market with lighter in-house engineering work, utilizing Bakkt® pay in the Bakkt App as a points payment storefront can make a lot of sense. To use Wyndham Rewards as an example, the points integration with Bakkt enables their customers to link points to pay anywhere Apple Pay® and Google Pay™ are accepted, and Wyndham Rewards also is incentivizing customers with more points for trying it out.
For brands looking for an integrated experience, Bakkt® pay can be embedded in our partner ecosystems. Have you ever checked out at one of the largest online retailers and used a portion of your credit card points to reduce your out-of-pocket expenses? We can bring this type of integration to your brand and customers – creating unmatched payment ease and use of loyalty points.