SKUx, a pioneer in digital instant payments, has formed a strategic alliance with Visa, the global leader in digital payments. This collaboration aims to expedite the digital transformation efforts of selected merchants and consumer packaged goods (CPG) companies by utilizing SKUx’s payment-based offer solutions.
These solutions are specifically designed to enhance various client operations, including customer acquisition, loyalty programs, consumer care, and recovery processes. Through the implementation of these solutions, the partnership aims to ensure a seamless and uninterrupted end-to-end consumer experience.
This partnership marks a significant milestone for SKUx in revolutionizing the consumer offer industry, which currently suffers from billions of dollars lost due to fraud and inefficiency. SKUx’s multi-patented digital payments platform is transforming the outdated process of issuing physical checks, coupons, rebates, and promotional offers.
By digitizing these processes, SKUx addresses long-standing challenges faced by various industries, including merchants, consumer brands, loyalty platforms, travel companies, and healthcare providers.
This innovation has led to remarkable improvements, such as an 85% reduction in paper checks and near real-time digital delivery of customer payments. This is a stark contrast to the days or weeks required for physical offers.
The SKUx Digital Payments Platform is designed to facilitate seamless virtual payments to consumers under any business objective, at any time and anywhere. This platform allows companies to directly engage with their customers by delivering branded, real-time Visa digital payments to mobile devices.
Built on a modern and sophisticated platform architecture, SKUx Digital Payments utilizes Hedera’s enterprise-grade distributed ledger technology (DLT) to track payment issuance and redemption. This approach provides unparalleled transparency in payment tracking and reporting, enhancing the overall reliability of digital transactions.
The collaboration between Visa and SKUx will empower Visa’s clients to directly engage with SKUx’s innovative solutions, promoting value creation in both B2B and B2C payment flows for merchants and manufacturers. This initiative will assist merchants in driving customer acquisition, digitizing customer care and recovery processes, and targeting product-level spending.
SKUx’s solutions are designed to complement and enhance Visa’s existing services, allowing mutual customers to maintain a competitive edge in innovation and seamlessly connect the entire customer journey from initial contact to purchase. This integrated approach aims to deliver a frictionless, personalized commerce experience that adds value for both clients and customers.
Bobby Tinsley, co-founder and president of SKUx, expressed excitement about the partnership, stating that it adds to what is already expected to be a year of significant growth in 2024.
“SKUx is committed to delivering unparalleled value and opportunities for our clients,” said Tinsley. He emphasized the company’s enthusiasm about working with Visa and the anticipated success of their joint efforts.
As SKUx and Visa move forward with this partnership, they aim to redefine the landscape of digital payments and consumer engagement. By leveraging their combined expertise and innovative technologies, they are poised to deliver solutions that not only meet the current demands of the market but also anticipate future trends.
This proactive approach ensures that both SKUx and Visa will continue to lead the way in creating integrated, value-driven digital payment experiences for merchants, CPG companies, and consumers alike.