HSBC's Decoupled Debit Card Enters the (super) Market
This entry was posted on 10/19/2007 4:16 PM and is filed under Technology,Debit Card.
PROSPECT
HEIGHTS, Ill.—(BUSINESS WIRE)—HSBC Finance Corporation's card and
retail services business and Pathmark Stores, Inc. have entered into an
agreement to offer a multi-purpose rewards and payment card for supermarket
customers. The new Pathmark Advantage Payment Card enhances the current
Pathmark Advantage Club card by providing an easy and superior one-swipe
payment process that also generates loyalty rewards.
A pilot launch is planned
for later this year at a select number of stores in New York. The Pathmark Advantage Payment
Card program is the first of its kind for a major supermarket chain in the United States that combines loyalty and rewards
with decoupled debit functionality all on one card. For Pathmark, the new card
provides a unique and cost-effective solution to reward loyal shoppers without
having to make any changes at the point-of-sale or sacrificing any efficiency
in customer service.
The key benefit to
customers is that the Pathmark Advantage Payment Card links a customer's
Advantage Club card to their existing bank checking account, offering customers
a convenient way to earn rewards and pay for purchases with PIN debit, all on a
single Pathmark-branded card.
"We are committed to
delivering robust and cost-effective solutions that help our merchants like
Pathmark grow sales and differentiate their brand," said Joe Hoff,
managing director, retail services, for HSBC. "Our innovative card program
provides a powerful tool to streamline operations, while rewarding loyal
customers."
"We believe that the
Pathmark Advantage Payment Card will provide greater efficiencies for our
customers," stated John Derderian, Pathmark's executive vice president of
business strategy and marketing. "Using this cutting-edge technology will
afford the consumer the added convenience of paying for their purchases with
their loyalty card and simplify the transaction process. We anticipate a
successful test launch and eventually rolling out the program throughout the
entire chain."
HSBC card and retail
services issues merchant-branded payment cards for premier retailers and
manufacturers, and is among the largest issuers of credit cards in the United States. The new Pathmark-branded loyalty
rewards payment card is offered under HSBC's OptiPay loyalty rewards
PIN-payment program, leveraging the Tempo(TM) Payment Platform and the
Tempo(TM) Payment Network. HSBC's OptiPay program helps retailers manage their
checkout costs, engender customer loyalty, and provide consumers with their
choice of payment options.
In addition to in-store
payments and rewards, Pathmark customers will be able to use the new loyalty
rewards payment card at more than 200,000 merchant locations in the U.S. that
participate in the Tempo Payment Network.
