Boodil, the Manchester-based open banking payment solution, has launched its new rewards and loyalty app.
Users can now checkout via the Boodil ‘Pay by Bank’ solution at any of the retailers that have enabled Boodil as a payment method, earn points when they spend and use them on a variety of prize draws including shopping vouchers, AirPods, spa days, holiday vouchers and even cash.
Following a trial with a select number of users, Boodil has now rolled out more exciting prize draws. along with a host of rewards and discounts from a variety of well known retailers such as Travis Perkins, Dominos and Dunelm.
Anyone can sign up to the app for free, and connect their bank account for an extra 250 points per month, to receive more personalised rewards and offers based on actual spending behaviour. Users also have the ability to transfer any prizes they have won for a cash equivalent as an alternative.
Boodil describes itself as “the other side of the coin to American Express.”
CEO and co-founder Harry Luscombe said: “American Express is a great solution which provides customers with points when they utilise their American Express card. However they charge merchants significantly higher fees, along with customers having to pay an annual fee for certain cards. The rewards available tend to favour and benefit those consumers with higher disposal income levels, with customers often having to spend tens of thousands each year to obtain meaningful value and benefit. Given the current economic climate we are in, we wanted to create a value lead proposition that enabled more engaging and rewarding experiences for customers.”
Boodil have made the spending process simple with customers not even needing to download the Boodil app in order to checkout at any of its retail partners including Gorgeous Shop, Electric Tobacconist and UK Toolbox.
Mobile or online banking is all consumers need to benefit from the rapid ‘Pay by Bank’ solution. Once a user does pay via Boodil they can download the app later and sign up using the email address they have previously used to checkout with Boodil, in order to automatically pull through the points they have previously accumulated.
Users can also gain points for referring friends to the app via their unique referral code and for connecting their bank account.
Sam Owens COO and co-Founder added: “At Boodil we want to make the everyday spending experience fun, engaging and most importantly, rewarding. We’re really putting the consumer at the forefront of everything. It will also help our retail brands attract new high intent customers, increase loyalty and engage with new audiences. Not only do brands get exposure in our mobile app but they also benefit from reduced payment processing fees via Boodil’s ‘Pay by Bank’ solution, instant settlement of funds and the elimination of chargeback fraud.”
Boodil’s open banking-enabled rewards app, upon receiving first-party open banking consent, utilises consumer spending trends to personalise the rewards, discounts and offers for each user within the app. The new features are all live now in the Boodil app, which can be downloaded from the Apple and Google Play stores.
