FinitiOne unveils first-ever digital wallet for TAP loyalty payments in Israel
Tel Aviv, November 19
FinitiOne has launched what it says is the first platform worldwide that lets users store and redeem loyalty benefits directly from a digital wallet and pay instantly with TAP.
The Israel-based company's system enables organisations and consumer clubs to issue smart prepaid cards integrated with Apple Pay and Google Pay, allowing customers to redeem benefits at any payment terminal nationwide via the Sheba infrastructure.
The company says the innovation could significantly reduce the NIS 1-1.5 billion ($310-$460 million) in loyalty benefits that go unredeemed annually in Israel, while helping small businesses -- especially in peripheral areas -- join customer clubs for the first time.
CEO Tomer Zussman called the upgrade "a redefinition of the digital payment experience."
— ANI
Reader Comments
Interesting innovation, but I wonder about security concerns. Digital wallets in India still face fraud issues. Hope they have strong authentication measures.
Great to see fintech innovation! UPI has transformed payments in India, and integrating loyalty programs would be the next logical step. Small businesses in tier-2 cities would benefit massively.
The numbers are staggering - $460 million in unredeemed benefits! This shows how much value gets lost in traditional loyalty systems. Hope Indian companies take note and innovate.
While the technology sounds promising, I'm concerned about digital exclusion. Many small shop owners in India still struggle with basic digital payments. The infrastructure needs to be inclusive.
This could be a game-changer for customer retention! Indian retailers could really use this to build better relationships with customers. The convenience factor is huge! 😊
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