US electronic funds transfer network Pulse and card group Mastercard have teamed to develop a loyalty programme that will enable consumers to collect rewards for using their debit cards.
The programme, called Signature Points, will allow Pulse member financial institutions to offer their cardholders points everytime they make a purchase using their debit cards. These points can then be redeemed for a variety of goods and services.
Cindy Ballard,executive vice president of Pulse says: "The use of signature debit to make purchases is growing at a remarkable rate and Pulse expects this new incentive programme to increase the popularity of this convenient payment method."
She adds that last year the Association processed more than 84 million signature-based debit transactions, totalling 10% of Pulse's volume, an increase of more than 90 percent over the previous year.
Rollout of the programme to Pulse member financial institutions is expected in the third quarter 2002.