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German bank trials retail cashback loyalty scheme

  • Posted by Talking Payments
  • July 5, 2013 12:57:48 PM BST
Germany’s Wüstenrot Bank is to pilot a new cashback loyalty scheme, targeting users with tailored retailer offers when they log in to their online bank account.

The system, from Red Zebra Analytics, will bring together banks, consumers and retailers with targeted rewards based on consumer spending patterns which will appear on their online banking site. If an offer is taken up, the consumer must use that specific card to pay and then discounts are rewarded in the form of cash payments once a month.

Wüstenrot Bank will benefit by strengthening their relationship with their bank account holders.

Attul Sehgal, CEO of Red Zebra Analytics, says "Customers get money-saving deals that are relevant to them and simple to activate. Once opted in, you go shopping, simply pay with your card and you get cash-back on your bank statement."