A new gift network has been launched that enables
merchants to give their customers ‘cash gifts’ straight onto their
credit and debit cards.
FreeMonee has been launched by a group of
veteran payments and technology executives including Gadi Maier,
founder of Oracle Japan, and former eBay marketing head Mike
Linton.
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The system functions on FreeMonee’s
proprietary and patent-pending Adaptive Matching Technology (AMT)
platform. The AMT analyses transaction data and matches merchant
gifts with profitable consumer prospects that are likely to redeem,
based on previous purchasing patterns and predictive analytics.
The financial institutions deliver the
FreeMonee gift notifications to their customers via their normal
communication channels and receive a success fee for each gift
redeemed.
“Banks have been waking up to the opportunity
to leverage their transaction data to meet, on the one hand,
privacy-conscious consumers’ appetite for highly relevant offers,
and on the other hand, brands and retailers’ quest for spending
their marketing dollars more effectively,” explains Gwenn Bézard,
research director at Aite Group.
“FreeMonee is squarely positioned to help
banks compete for marketing dollars along with Google and
Groupon.”
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By GlobalDataFreeMonee has agreements in place with two of
the top six card issuers and says it is working closely with
several others. The first programme is expected to be launched
in summer 2011.
“FreeMonee, and the technology that powers it,
is revolutionizing the bank-merchant-consumer dynamic, enabling
each to benefit the other,” said Gadi Maier, CEO and president of
FreeMonee.
“Our AMT gives banks and retailers the ability
to give customers exactly what they want – gifts they will use with
no strings attached – while minimizing the risk that had previously
made such powerful purchasing incentives impossible. Merchants get
net, new profitable visits and banks receive a significant new
source of consumer-friendly revenue.”
