Alviere , an Embedded Finance platform provider, has introduced Loyalty Wallets with pay-by-bank funding options. According to the official announcement, this allows retailers to offer fully customisable digital wallets within their existing apps.

When consumers load their Loyalty Wallets using ACH or direct deposit and make purchases using the wallet at the point of sale, merchants can avoid traditional card network fees, saving up to 80% on payment processing costs compared to card-only payments. A recent survey by EY reveals that 85% of merchants plan to adopt alternative payment methods within the next one to three years. These methods not only address the rising demand for digital payments but also provide cost advantages by lowering fees tied to card transactions and enabling quicker merchant funding through instant-payment systems.

Enhancing loyalty programs Currently, many retailers offering branded wallets through loyalty programs face challenges such as underperforming incentives and costly payment processes. With a stored value Loyalty Wallet, customers can preload funds, make peer-to-peer transfers, and earn loyalty rewards and cashback, ensuring future purchases. Retailers like grocers, quick-service restaurants, and gas stations can also allow customers to set up direct deposits from their paychecks, helping them secure a portion of consumers’ monthly spending.

Officials from Alviere added that Alviere Loyalty Wallets provide a new way to facilitate digital bank transfers at the point of sale, aiming to significantly reducing payment fees. Alviere’s customisable solutions are aimed at positioning itself to help retailers improve loyalty programs and create new revenue streams for clients. About Alviere With Alviere, any organisation can offer financial products to drive customer engagement, generate new revenue streams, and improve existing financial flows.

The Alviere HIVE platform offers an extensive range of configurable, branded financial products, including accounts and wallets, card issuance, streamlined payments, and global money transfers. Alviere brings together technology and program support with the trust of a licensed financial institution to assure the safety, flexibility, and long-term viability for client programs. Source: Link .