SKUx, an innovator in digital instant payments, has entered into a strategic agreement with Visa, the global leader in digital payments. This collaboration is set to accelerate the digital transformation efforts of select merchants and consumer packaged goods (CPG) companies by utilizing SKUx’s payment-based offer solutions.
These solutions are designed to enhance various client operations, including customer acquisition, loyalty programs, consumer care, and recovery processes. By implementing these solutions, the partnership aims to ensure a smooth, uninterrupted end-to-end consumer experience.
This partnership marks a significant step for SKUx in revolutionizing the consumer offer industry, which is currently losing billions of dollars to fraud and inefficiency. The company’s multi-patented digital payments platform is transforming the outdated process of issuing physical checks, coupons, rebates, and promotional offers.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 for a broad spectrum of industries, including merchants, consumer brands, loyalty platforms, travel companies, and healthcare providers.
This innovation has led to significant improvements, such as up to an 85% reduction in paper checks and near real-time digital delivery of customer payments — a stark contrast to the days or weeks required for physical offers.
Digital Payments Platform and Enhanced Consumer Engagement
The SKUx Digital Payments Platform is engineered to facilitate seamless virtual payments to consumers under any business objective, anywhere and anytime. This platform enables companies to engage directly 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 uses Hedera’s enterprise-grade distributed ledger technology (DLT) to track payment issuance and redemption. This approach offers unmatched 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 engage directly with SKUx’s innovative solutions, fostering 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 augment Visa’s existing services, enabling their 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 enhances value for clients and customers alike.
SKUx – the digital #payments firm utilizing the #Hedera network – has announced it has signed an agreement with @Visa to accelerate digital transformation for select merchants & consumer packaged goods companies leveraging SKUx’s payment-based solutions.https://t.co/eQne5q29gw pic.twitter.com/8XNdKiTlY4
— Hedera (@hedera) May 16, 2024
Looking Ahead: SKUx and Visa’s Strategic Vision for 2024
Bobby Tinsley, co-founder and president of SKUx, expressed enthusiasm about the partnership, noting that it adds to what is already anticipated to be a year of significant growth in 2024.
“SKUx is committed to driving unparalleled value and opportunities for our clients,” said Tinsley. He highlighted the company’s excitement about the prospects of working with Visa and the expected success of their joint endeavors.
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 set 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.