Through this acquisition, ES can leverage Spaycial’s European Account Information Service Provider (AISP) licence and Open Banking capabilities to improve its payment-card-linking offerings. Following the integration, ES is expected to launch a unified payment card and Open Banking API, providing a payment transaction matching feature for retailers, reward programmes, and shopping centres globally.
Spaycial’s tech enables consumers to link their bank account directly to their loyalty programme of choice, creating a convenient experience with them being recognised at checkout without the need for a loyalty card or QR code. Customers can collect rewards on every purchase across multiple brands and redeem them instantly in connected retailers. The solution requires no additional hardware or POS integration, offering a fast and cost-effective alternative for multi-brand locations such as downtown areas, shopping centres, airports, and large retail chains.
ES chose Spaycial for its loyalty solutions for the mall industry and its expertise in enabling shopping centres to gain consumer insights through data-driven solutions. The collaboration brought together international partners such as Lux Rewards, Olive, Fidel API, and more, which will allow shopping centres to access pre-negotiated offers with global retailers and brands. Through these partnerships, Spaycial aims to deliver personalised and relevant offers to consumers, improving their engagement and driving long-term loyalty.
Supported by Spaycial’s AISP licence under the European Union’s PSD2, the acquisition highlights the companies’ shared commitment to secure and compliant data management, as the licence requires strict data privacy standards, along with biannual cybersecurity audits.
ES aims to decentralise and defragment the payment-linked rewards industry by creating a comprehensive API for complete transaction matching data. A benefit of this acquisition is the ability to use VOW, a reward currency layer secured by blockchain technology within shopping centres. This technology introduces a flexible rewards approach designed for small loyalty programmes that seek multi-merchant and circular economy loyalty solutions. VOW can allow retailers to engage consumers, fostering high loyalty across markets while reducing the cost of cashback rewards by up to 80%, according to ES.
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