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Cardlytics converts debit to 'virtual coupon,' builds on Cap One's decoupled debit program
August 13, 2009
Scott Grimes is introducing a next-generation debit-reward program that gives debit cardholders cost-free rewards. According to an article in Digital Transactions, Grimes, who spearheaded Capital One Financial Corp.'s decoupled debit program, is introducing the "next-generation debit rewards" system through his new start-up — Atlanta-based Cardlytics.
The program reportedly enables merchants to fund rewards that will be offered to a financial institution's online-banking customers when they log in to review their bank statements. The system uses the customer's debit card as a "virtual" coupon that can be used to make purchases online or in a store.
Grimes says having advertisers and merchants fund the program is what makes it unique:
 | We think of banks as our channel partners. The advertisers, the merchants, are the ones who fund the system in essence. They pay the incentives, and they pay us a fee for placing the ad to consumers. |  |
Transaction ProcessingPrepaid / Stored Value / Gift CardDebit / CreditNorth AmericaBank / Credit Union
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