Wallets are an alternative payment method embedded into an existing app, designed to drive customer retention and streamline in-person and online payments. Wallets give customers the opportunity to pre-fund future purchases, and, using the cost savings on transactions, fund more rewards for wallet-holding customers. According to a JD Power survey, debit use is on the rise, and consumers who prefer to pay with debit are also more likely to be digital wallet users.
Closed-loop, or stored value wallets create seamless digital payments for customers. Extending an existing application, wallets hold value for each customer, funded by customers in cash at physical locations, debit or via ACH. Customers pay for future purchases, and reap rewards points every time they add funds to the wallet. Wallets are secure and protected, and are closed-loop, so funds can only be used with the issuing brand.
Accelerate loyalty programs with closed-loop wallets
Offer a way for your customers to pre-fund their next purchases with closed-loop loyalty wallets. Customers can choose from a variety of deposit methods and store money in their wallet for future purchases. Offering wallets enables your brand to guarantee future sales, gamify purchase experiences, and save on incremental transaction costs at the point of sale.
Customers receive promotional discounts via wallets for their next store visit. Cashback rewards are added to the wallet balance, which can be spent during the next visit, or accumulated for larger savings.
How it works
- Customers sign up for a wallet through an existing app. All customers go through a minimal KYC process to ensure compliance with financial services regulations. At Alviere, all KYC and compliance is managed by our in-house compliance team.
- Once a customer is approved and activates the wallet, they can then deposit funds into their account through a variety of methods, including debit card, cash at physical locations, or ACH from a bank account. The wallet can also be funded by store savings & product discounts to be used on the next visit.
- Once the wallet is funded, customers can make purchases in-app by choosing to use their wallet balance at checkout, or in-store through QR code / POS system integration.
Why choose Alviere for your closed-loop loyalty wallet?
Program customization
Any program that includes a financial product requires flexibility and customization. There’s no one-size-fits-all. But there is applied experience from the Alviere expert team to design a program that meets business objectives and customer expectations without risk. The Alviere approach emphasizes collaboration across all teams for a successful program. Each decision is thoughtfully considered, including integrations into existing app experiences, POS systems, and loyalty and rewards programs.
Hypercare
Immediately post-launch, the Alviere team of financial services experts analyzes your wallet program’s performance, ensures ongoing compliance with financial services regulations, and works with your team to continuously improve.
Scalable partner
As you launch and scale your wallet program, you will naturally find opportunities to innovate and provide more features and value to your customers. The Alviere HIVE platform is modular, allowing for a phased approach to innovation. Start with wallets, then as customers demand, add remittance or account capabilities.
The Alviere consultative approach means providing additional financial services to your customers without the need for additional partners or complex integrations. Alviere is more than accessing an API, it’s tapping into financial product expertise across all phases of a program to reduce program risk and to assure regulatory compliance.
Remove the complexity & risk
Offering financial services doesn’t have to be overly complicated, or require significant internal resources. The Alviere HIVE is a comprehensive technology platform providing an extensive range of configurable, branded financial products, including accounts & wallets, card issuance, streamlined payments, and global money transfers. Working with Alviere is much more than accessing an API, it’s tapping into financial product expertise across all phases of a program to reduce program risk and to assure regulatory compliance.
Security, safety, & compliance is foundational to everything we do
Alviere’s team of compliance experts work with enterprise clients to bring their financial products and services to market. We adhere to strict Know Your Customer (KYC), Know Your Business (KYB), fraud management, and Anti-Money Laundering (AML) standards and processes to safeguard your organization.
