Partnership will deliver innovative CPG funded, SKU-level, grocery cash-back offers on credit/debit card reward programs and open a brand new, shopper-marketing advertising channel
VANCOUVER, BC and PITTSBURGH, PA / ACCESSWIRE / May 23, 2023 / Snipp Interactive Inc. (TSXV:SPN)(OTC PINK:SNIPF), a Platform-as-a-Service (PaaS) company in the global loyalty and promotions sector, and Triple llc. ("Triple"), a leading provider of Card Linked Offers (CLO) platforms and services enabling banks, credit unions, and loyalty providers of all sizes to launch innovative card-linked offer programs, are pleased to announce a strategic partnership to deliver CPG-funded, SKU-level, everyday purchase offers via financial institutions' cash-back reward programs.
This new partnership will deliver brand-funded rewards on everyday spend items in categories like food, pet, and health & beauty products that will bring a higher level of engagement to bank loyalty programs and open a new shopper marketing and promotions marketing channel. The combination of Triple's next generation card-linked offers platform and deep consumer & merchant banking relationships meshes perfectly with Snipp's decade of experience managing over 150 million SKU-level transactions with leading global CPG advertisers.
This partnership is at the forefront of two trends. Mobile couponing is expected to grow at an annual compounded growth rate of 56.5% by 20251, and 66% of consumer banking customers open their banking apps at least once per week2. The new cash-back offers powered by Snipp through the Triple customer base represent a significant improvement in the types of rewards offered to consumers as part of banks' cash-back rewards programs, bringing the CPG-funded, SKU-level rebates from grocery, drug and convenience stores that consumers demand. Consumers use credit cards most frequently on groceries and general merchandise, representing 27.4% of monthly spend3.
Tom Burgess, President of Snipp Media, added, "The most relevant offers for a consumer are related to everyday spend at places like grocery stores, pharmacies and convenience stores. By combining bank assets with SKU-level data, CPG companies and product manufacturers can fund cardholder discounts. For the first time, Snipp's Payments Media Network4 gives these companies an opportunity to reach millions of shoppers with targeted offers redeemable online and in-store via bank card and loyalty programs. They'll also get faster insights into campaign performance and ROI as compared to existing digital rewards programs."
"SKU-level offers are a game changer for bank rewards - Snipp's brand relationships and access to CPG offer content will allow us to deliver the more compelling deals consumers are looking for from our banking clients' cash-back programs. This partnership will provide more innovative and highly relevant offers to Triple's rapidly growing customer base," said Steven VanFleet, Co-Founder and Chief Strategy/Product Officer for Triple. "Bringing CPG funded offers to our banking clients' consumers will add value to their rewards program, increasing engagement, spending and card usage," added VanFleet.
About Triple
Triple, funded by a major US financial institution, has built the most connected and flexible offers program on the market. Triple's platform enables banks, credit unions and loyalty providers of all sizes to quickly launch innovative offers programs, both card-linked and beyond. Triple gives offer distribution partners an unprecedented level of control over every aspect of offer programs - from unique offer inventory through customizable targeting and every aspect of the consumer offer experience.
For more information on Triple, visit www.tripleup.com or contact info@tripleup.com.
About Snipp
Snipp Interactive Inc (TSXV: SPN); (OTC PINK:SNIPF) is a PaaS company in the global loyalty and promotions sector. Snipp's proprietary and modular SnippCARE (Customer Acquisition, Retention & Engagement) Platform allows its marquee list of Fortune 1000 clients and world-class agencies and partners to use various modules of the platform to run long-term and short-term programs and promotions, while continually generating and capturing unique zero-party data that is invaluable in providing insights to drive sales. SnippCHECK, the Platform's Receipt Processing Module has established itself as the clear industry leader and standard by powering a large majority of all receipt-based promotions in North America. SnippLOYALTY, the platform's full-scale, modular, loyalty engine allows clients the flexibility of deploying any/all aspects of a standard loyalty program on a case-by-case basis. SnippREWARDS, the platform's modular catalogue of digital and physical rewards provides clients with global and easily deployable access to an extensive catalogue of digital and physical rewards. SnippWIN, the platform's gaming module solves for the implementation and compliance difficulties of offering games of chance and skill on a global basis and allows for the global deployment and administration of legally compliant games of chance and skill. For more information, visit the company's website at www.snipp.com
FOR FURTHER INFORMATION PLEASE CONTACT:
Snipp Interactive
Jaisun Garcha
investors@snipp.com
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such as changes in demand for and prices for the products of the company or the materials required to produce those products, labour relations problems, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. The reader is cautioned not to put undue reliance on such forward-looking statements.
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Topics: SNIPP NEWS
References
1 https://www.sofi.com/learn/content/how-often-should-you-monitor-your-checking-account/
2 https://www.linkedin.com/pulse/39-coupons-stats-you-should-know-qples/
3 https://www.visualcapitalist.com/sp/a-breakdown-of-americans-monthly-credit-card-spending/
4 https://www.snipp.com/blog/retail-media-network-for-banks-payments-media-network
SOURCE: Snipp Interactive Inc.
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