A recent study by Verifone Inc. found that only a fraction of U.S. drivers redeemed rewards on millions of eligible gasoline-purchase transactions in June.
The study analyzed 45.8 million outdoor fuel transactions between June 18 and June 25, and found that 11 million, or 24%, included a gas-rewards or loyalty card presented at the pump. Among those transactions, a third of buyers redeemed a per-gallon discount, with savings averaging 12.8 cents per gallon. Some drivers unlocked discounts of up to $1.51 per gallon, depending on the program and retailer.
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Drivers who redeemed loyalty discounts saved nearly $5.6 million. Verifone’s data reveal that with adoption at just 24% of transactions, drivers passed on 38.5 million rewards-eligible transactions in the study period.
Verifone’s executive vice president of petroleum and convenience, James Hervey, said that rewards and loyalty programs have become a meaningful tool for budget-conscious travelers. Our data shows that drivers who use rewards and loyalty programs are stretching every dollar, but the majority still aren’t actively redeeming available rewards.
Meanwhile, American Express Co. reported that it has enhanced its Membership Rewards program by allowing cardholders to redeem points directly in Apple Pay’s online checkout experience.
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This means that cardholders don’t have to leave checkout, open another app, or complete additional redemption steps. To use the service, AmEx cardholders shopping online or using apps on Apple’s iPhone or iPad tablet select Apple Pay at checkout and then choose their Membership Rewards-eligible AmEx card for payment.
They select “Use Rewards” to cover all or part of the purchase, and complete the sale. AmEx’s executive vice president of U.S. Consumer Cards, Lisa Kalhans, said that card members want rewards that fit naturally into how they shop and spend.
With this launch, they’re making it easier than ever for card members to use membership-rewards points on the purchases they make every day.
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Verifone’s study found that 24% of transactions included a gas-rewards or loyalty card presented at the pump.
Apple Pay online-payment service is available to AmEx cardholders who want to redeem their Membership Rewards points.
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