SYDNEY/MELBOURNE – 16 April 2019 – Anglo-Australian fintech Bluechain Payments Ltd today launched its Reward Payments service in Australia. The service enables consumers and businesses to pay expenses on their American Express credit card that they would normally pay through their bank by EFT or BPAY.
Bluechain aims to grab a share of the global $250 trillion bill payments market by enticing consumers and businesses to use their Amex card for almost any payment—even where Amex or other major credit cards are not accepted. The big attraction for businesses is that they can earn reward points on just about any expense or purchase, such as utility bills, stock, office supplies, wages, tax and super.
Launch partner Brandscope is a great example of the target market. Brandscope is a supplier-retailer marketplace that connects action sport, outdoor and lifestyle fashion brands with retail outlets in 90 countries. They have built a network of over 10,000 retailers and 200 suppliers with a combined annual purchasing power in the billions. When you translate that into reward points, that buys a hell of a lot of business-class reward flights and flight upgrades!
Brandscope CEO, Simon Blockey, said, “We are very excited by the potential of this new reward payments service. The benefits for both retailers and suppliers are undeniable, and we expect a strong take-up by our customers.” Simon went on to say, “The strong added value this delivers to our customers gives Brandscope a significant edge in a highly competitive market and paves the way for some exciting associated developments. It’s another way we can make business easier for our customers.”
Suppliers who receive payments through Bluechain can offer discounts on their bills to get paid immediately. Retailers make use of the 55-day interest-free period on their Amex card to take advantage of the early payment discounts without impacting their cashflow. When a supplier sends a bill using Bluechain, they get updated as soon as their customer pays, schedules or rejects a bill. This provides suppliers with valuable intelligence on their debtors’ risk, allowing them to concentrate their collection efforts on problem accounts. Suppliers can even sign up as Referral Partners and earn on payments made by the customers they onboard, which can be used to fund loyalty programs.
Following the April launch in Australia, Bluechain plans to launch its reward payments service in New Zealand, Europe and Southern Africa later this year.
Bluechain technology is powering solutions for the payments industry around the globe, from low-cost domestic payment schemes for national switches to reward payment services for suppliers, retailers and consumers. The same easy-to-use mobile payment app is used for every transaction, so users enjoy one, simple experience whether they are paying in-store, purchasing online, paying bills or sending money.
Bluechain is the first end-to-end mobile “request to pay” (RTP) platform that is truly secure, interoperable and bidirectional. The technology is infrastructure independent, ensuring it can be deployed as an overlay service to any switch in any economy in the world that uses smartphones. It is device agnostic, works over any communication channel or network, and can be integrated into any existing payment system.
Bluechain Payments Limited
Level 1, 313 Burwood Rd, Hawthorn, VIC 3122, Australia
Tel: +61 418 949 400
Email: [email protected]
Brandscope provides a centralised trading hub for suppliers, agents and retailers in the global action sport, outdoor and lifestyle fashion wholesale market. Brandscope streamlines the resource-intensive process of launching new brands to leading retailers. Brandscope’s innovative online platform revolutionises how retailers launch, source and buy product for their stores. Using their dynamic online tools, retailers can scope out and buy brands online, with dynamic access to marketing and education information that supports the sales process all the way to the retail floor.
Brandscope’s end goal is to generate a shared, supplier-integrated platform that digitally connects, streamlines and enriches the relationship between suppliers, agents and retailers, generating opportunity, variety and growth for established and emerging global brands.
Brandscope Pty Ltd
Unit 4, 20 Leda Drive Burleigh Heads QLD 4220, Australia
Tel: +61 7 5508 2000
Email: [email protected]