A new loyalty program for retailers is designed to help customers save money.
Acorns is a new service that monitors an individual's credit and debit card transactions, rounds up purchases to the next dollar, and then invests the 'change' as a way of automatically saving money. It also provides for depositing regular predetermined amounts or lump sums.
Acorns' Found Money loyalty program allows retailers to reward their customers with either a flat amount or a percentage of their expenditure, with the funds going into customers' Acorns accounts. Found Money was launched in the US in February, and will be extended to Australia in the coming months.
Participating businesses in the US report an increase in the number of transactions and a double-digit increase in transaction value, according to Acorns.
"The Found Money program will be the first of its kind in Australia, and the success of the program in the US gives us great confidence that it will quickly be embraced by our Australian users," said Acorns Australia managing director George Lucas.
"The program sets a new standard for customer reward programs by helping Acorns users invest in their future through their purchasing behaviour. Our partner brands will also benefit from a continuous presence in users' Acorns accounts, and from being able to reward consumers for making purchases instead of having to rely on discounting."
Businesses interested in joining the Found Money program are invited to contact Acorns' Madison Lucas at firstname.lastname@example.org.