Dollar General announced that it is launching a series of new financial services designed to increase the financial options for its customers and help them manage their personal finances more efficiently.
The new service package is centered on three key pillars: Dollar General’s exclusive spendwell™ banking platform, a buy-now, pay-later test program with Sezzle® and new FIS Worldpay® card reward points payment options, all of which extend the Company’s value and convenience propositions.
Through this announcement Dollar General is reinforcing its commitment to serving its customers with everyday low prices and quality products and services in convenient locations. The new set of financial offerings and payment solutions enhance Dollar General’s existing roster of digital offerings, which include DG Self-Checkout, DG Pickup, DG Digital Coupons, DG’s Cart Calculator and Shopping List, and DG Rewards.
FIS is piloting its Premium Payback™ product, a real-time rewards redemption network, as part of this announcement. The program allows customers the option to redeem eligible credit and debit card rewards points toward their Dollar General purchases across more than 18,000 DG stores in 46 states. Customers with eligible FIS bank debit and credit cards may redeem 1,000 credit card points for $5.00 toward their purchase of $5.01 or more.
This linkage between Dollar General and FIS provides another example of the continued development of the Pay with Points concept, the subject of Wise Marketer’s 2021 Delphi Report based on research completed among both issuers and consumers in the US.
FIS created its Premium Payback™ product ahead of the market and having a major retailer such as Dollar General allow customers to use their credit/debit reward points immediately at the point of sale is a strong statement about where the future of loyalty point redemption is heading. Dollar General joins CVS, Walgreens and Giant Eagle, along with a host of fuel partners, as “everyday spend” retailers adopting this frictionless reward redemption concept.
This utility takes friction out of the redemption process and provides excellent value for the consumer at the time they want it most — when they are making a purchase. It’s also a motivator of sales and visits for the retailer, in this case Dollar General, and positions rewards points as a meaningful part of consumer’s daily lives. And it drives increased utility and top of wallet behavior for the card issuer!
