Press & News

Banks and Credit Unions Beacon Opportunity

Last week, Mobiquity Networks announced an agreement that has been reached with Relevant Solutions, a leading provider of mobile in-store shopping content for financial institutions and mobile banking app providers. PYMNTS posted an article about beacons and financial institutions, and discussed beacon use potential through our agreement with Relevant Solutions.

NFC - Near field communication The agreement has the potential to provide financial institutions an opportunity to bring branded, local offers, coupons and other targeted advertising engagements to their mobile app users. One potential use case is when a bank’s customer is in one of Mobiquity Networks’ 236+ malls on our beacon network, the beacon will send offers to the bank’s app, which will then in turn prompt the customer to pay using the bank’s credit or debit card. The bank or credit union would then collect a fee from the merchant or brand sending the branded, targeted engagement as well as interchange on the transaction.

Credit card companies such as Visa, MasterCard, and American Express and issuing banks like Citibank, Chase and others are already providing their customers with offers to increase credit card usage and loyalty. “Leveraging Mobiquity Networks’ platform to deliver those offers as the consumer is entering the shopping mall adds location context in real time to make the offers highly relevant and gives Relevant Solutions’ clients a distinct advantage,” stated Jim Meckley, CMO of Mobiquity Networks.

Read original article on PYMNTS


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