Amazon and payments processor Fiserv have teamed up to allow Fiserv’s uChoose debit and credit cardholders to shop on Amazon.
To participate, uChoose members must be enrolled in the Amazon Shop with Points program to redeem rewards during checkout. There is no fee to use uChoose Rewards points.
The deal is available through more than 200 financial institutions enrolled in uChoose, with cardholders at hundreds more institutions expected to be able to redeem rewards on Amazon by year-end, Fiserv said.
A 2022 Fiserv study showed that 71% of consumers with multiple credit cards choose the one they will use based on the opportunity to accumulate rewards, the payments processor said.
Other credit card link ups announced this week include Walmart and Expedia, which launched travel perks for Walmart+ subscribers.
Meanwhile, Fiserv reported second-quarter revenue last week up 7%, to $4.76 billion, on net income up 14%, to $683 million, compared with the same year-ago period.
In a statement announcing the results, Fiserv CEO Frank Bisignano noted that economists’ expectations for GDP and consumer spending have improved since the start of the year for the remainder of 2023.
“Among our financial institution customers, spending and spending intentions remain healthy even as net interest margins narrow and lending activity eases,” he said. However, he added, demand is high for card and non-card payment services, digital banking, IT modernization and data analytics, “and financial institutions are looking to us to deliver."
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