In line with their mission to make customers’ lives a little easier every day, Circle K launched a new rewards program this summer: Inner Circle. It’s free to sign up, and includes generous savings for fuel fill-ups, offers five free drinks to members, and more.
The incentives to drive customers back for fuel, car washes, and in-store purchases continue on August 31st with Circle K day.
But, how could they keep customers coming back to their 6,000+ stores all year long?
With an estimated 63 million American adults (22 percent) unbanked or underbanked, according to the Federal Reserve, and the vast majority of them (89 percent) using alternative financial services, like money orders or cashing a check, at a place other than a bank, we think the answer is clear:
Circle K could make customers lives easier with in-store financial services.
It's a logical next step to foster customer engagement and provide unmatched service to convenience store customers, who may not have access to traditional bank accounts. Advances in financial technology and embedded finance have made it possible for any trusted brand to become the go-to source for financial services.
91% of consumers are willing to use financial services offered by brands they frequent (Alviere & Qualtrics).
Imagine a world where customers stop at a local Circle K to fill up, head inside to load cash to the Circle K app, immediately send money to a relative internationally, and enjoy a hot coffee or cold Froster. It's possible.
Mexican retail giant Coppel wanted to grow revenue by increasing the share of US-Mexico remittances sent to their locations in Mexico. With Alviere, they launched the Coppel Access mobile wallet in the US with a debit card, international money transfer capabilities, and cash deposit options. Coppel now controls the international remittance customer experience, from US senders to MX recipients, increased store visits at 1,250 stores, driven by cash pickup, and earned revenue from financial transaction fees.
Enter the loyalty program digital wallet
How it works
- Within the loyalty app, sign up for a wallet with any official Mexican or U.S. identification, including the Mexican Matricula Consular and INE.
- Account holders then access key banking functionality within the app, including bill pay, direct deposit, and international money transfers.
- To bypass expensive check cashing services, accounts can also be funded by mobile check deposit or cash loading in-stores.
- Every account holder receives an open-loop debit card, which can be spent anywhere. The interchange revenue from every card swipe can fund discounts, incentivizing customers to return for purchases in-store.
- With open-loop cards, the brand also gains access to customer spend data to understand where else their valuable customers are going. Those insights can drive future partnerships and retail opportunities.
Consumer benefits: Get real rewards for loyalty, including discounts, remit money to 100+ countries, and use the loyalty card anywhere debit cards are accepted.
C-store benefits: More in-store traffic, increased app engagement and more loyal, loyalty members.
With embedded finance, offer:
Check cashing
Consumers with checks to cash can do this in-store. Set up in-store check cashing and money loading for account holders to give them even more reasons to come in.
Cash loading
Consumers can deposit cash in their account in-stores using the application. Funds can be accessed via debit cards or direct withdrawals at a store location.
International remittance
Via the existing app, customers can remit money to Mexico and internationally — and give C-stores more revenue potential by owning the fee structure.
Person-to-person payments
Adding person-to-person payments functionality to the app, similar to Venmo or CashApp, increases app usage and give an additional opportunity to run in-app engagement programs.
So, in addition to Circle K Day, give customers a reason to celebrate and come in every other day of the year. Stay top of mind in their virtual wallet by offering more value. Customers can fuel their cars, fill their bellies, and get access to world of financial possibilities.
