Loyalty in the post-interchange era

14 July 2015
Financial services providers have traditionally funded retail banking rewards largely through the interchange fees levied on merchants. With the European Union now mandating these fees are capped at 0.3% for credit cards and 0.2% for debit cards-a reduction of up to 1.85%- the future of these programmes is at risk. As the interchange transition gets underway, now is the time for banks to relook at their customer loyalty programmes and consider how they can continue to acquire, engage with and retain customers at a time when the primary way of paying for these programmes is being reduced.  Collinson commissioned research to better understand the valuable mass affluent consumers who value these rewards…

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