Payments and commerce company Verifone, financial services processor FIS and digital payments startup Modo have announced a new system that will enable customers to pay with loyalty points linked to their credit or debit cards at the point-of-sale for any merchandise available at that location.
The most interesting part of the equation to me is the Dallas startup that acts as the conduit between all the systems. Modo, who we’ve previously reported on, acts as sort of the “operator switchboard” that enables all the different players in this complex scenario to communicate and ensure that the values and points are made available and translated, in real-time.
It’s Modo’s cleverly named COIN operated Digital Payments Hub, that makes the translation possible and sees the startup continue their transformation from an individual mobile payments provider to a deeper systems integrator.
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