Visa ramps up data services to “redefine” retailer loyalty
Visa Europe is to use data gleaned from the 11 billion transactions made using its services to provide retailers with insight on what customers are spending with rivals.
The move is one of a raft of measures planned as part of an acceleration of its data service offering that it claims will become the most extensive offered by a payment services operator.
The payment services company has bought a stake in data analytics firm Beyond Analysis and the two will work together to offer retailers information on what their customers are spending and where, using data gleaned from its card and contactless customers.
Visa claims that more than £1 in every £4 spent in the UK uses a Visa debit, credit or prepaid card.
Data will then be offered to retailers to help them build more targeted loyalty programmes. Visa claims that the service will also help them better segment and target their marketing efforts.
Retailers will also be offered data on how much a customer is spending at their store as well as undisclosed rival stores will be offered in a bid to determine levels of loyalty.
Transactional data from payments made by mobiles that use Visa enabled contactless payment technology will also be available.
Peter Ayliffe, president and CEO of Visa Europe, says: “This investment in Beyond Analysis reflects Visa Europe’s commitment to redefining its relationship with retailers, helping them to build stronger relationships with customers and secure increased market share.”
Payment services rival Mastercard launched data service Advisors Merchant Solutions last year. Visa, however, says that it offers retailers larger scale and therefore more targeting opportunities.
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