Digital Payments Fintech SKUx Enters Agreement With Visa
SKUx, an enabler of digital instant payments innovation, announced it has signed an agreement with Visa (NYSE: V), a digital payments provider.
The agreement will accelerate digital transformation for select merchants and consumer packaged goods companies “that leverage SKUx’s payment-based offer solutions – supporting a variety of client use cases; from customer acquisition, to loyalty, to consumer care and recovery, while ensuring a seamless, end-to-end consumer experience.”
SKUx is enhancing the consumer offer industry, “unlocking billions of dollars in value currently being lost to fraud and inefficiency.”
Through the company’s digital payments platform, SKUx is advancing “the outdated physical to digital process of checks, coupons, rebates, and promotional offers, solving long-term industry challenges for merchants, consumer brands, loyalty platforms, travel companies, healthcare providers, and beyond.”
The SKUx platform is being leveraged “by several of the world’s leading CPG brands.”
Benchmarked results have seen up to 85% reductions “in paper checks, with digital delivery of customer payments provided in near real-time as opposed to days or weeks with physical offers, dramatically reducing costs, effort, and fraud.”
The SKUx Digital Payments Platform is designed “to enable seamless virtual payments to consumers anytime, anywhere, regardless of the business objective. It allows companies to engage directly with their customers by delivering a client branded real-time, Visa digital payment to a mobile device.”
Built on a modern platform architecture, SKUx Digital Payments “leverages Hedera’s leading enterprise distributed ledger technology (DLT) to track the issuance and redemption of payments, providing unparalleled transparency in reporting.”
The Visa and SKUx agreement will “enable Visa clients the opportunity to engage directly with SKUx, driving value creation among B2B and B2C payment flows for merchants and manufacturers.”
This will help merchants drive customer acquisition, “digitize customer care and recovery, and target product-level spend. SKUx complements and enhances Visa’s services to enable our mutual customers to stay at the forefront of innovation and interconnect the customer experience from “hello” to “buy.” Together, our interconnected solutions drive client and customer value upstream to deliver a low friction, more personalized commerce experience.”
Bobby Tinsley, co-founder and president at SKUx said:
“SKUx is privileged to announce our work with Visa as we expand upon what is already shaping up to be an incredible year of growth in 2024. SKUx is committed to driving unparalleled value and opportunities for our clients. We look forward to success together.”
As noted in the update, SKUx powers promotions and item-level payments “at the speed of today’s consumer. With mobile phones, bar codes, virtual cards and app-based payments now ubiquitous tools of commerce, SKUx’s Digital Payments Platform provides flexible, end-to-end solutions to deliver value directly to customers.”
SKUPay is a tool for merchants to eliminate consumer friction “in product-specific payment acceptance for use in CPG, health benefits, travel/entertainment and other industries. SKUx Digital Payments is a suite of tools which provide multi-channel payments for company promotions, loyalty and benefits at the point of sale.”
The SKUx platform combines first-party data, mobile branding, DLT serialization, secure digital payments and settlement and other technology “to deliver a seamless consumer experience and real-time transparency for merchants, brands, and payment partners.”
