Built has expanded its loyalty rewards program through a partnership with Walgreens.
The partnership, announced Monday (Aug. 26), includes the introduction of an automated health savings program, which the companies say marks the first time customers will be able to apply their network-branded Flexible Spending Account (FSA) or Health Savings Account (HSA) rewards cards toward purchases at a major pharmacy chain.
“This new program eliminates the need to carry separate FSA and HSA cards, takes the guesswork out of identifying eligible products and eliminates the approximately $4 billion in FSA funds lost annually due to unused funds,” Built and Walgreens said in a news release.
One benefit of this new service is that members can shop at Walgreens using a debit or credit card linked to their Bilt account, and Bilt's system automatically identifies FSA or HSA eligible items, providing a one-click solution to apply benefits.
The companies say the feature will make shopping for healthcare products easier by allowing customers to see which products are eligible for FSA or HSA benefits before purchasing.
“At Walgreens, we're committed to elevating the health and wellness experience for our customers, meeting them when, where and how they want,” said Bara Bisarata, Walgreens' chief product and growth officer.
“Leveraging the Banyan platform, this collaboration with Built will help us enhance the in-store and omni-channel experience for our customers, providing them with an unprecedented level of convenience, making it easier than ever for them to maximise their health and wellness benefits whilst earning points on their everyday purchases,” he added.
A PYMNTS Intelligence and Banyan study found that card-linked offers that offer discounts or rewards tied to merchants or products are popular with cardholders.
According to a joint PYMNTS Intelligence and Banyan study, “Growth of Card-Linked Offers Depends on First-Time Use,” roughly 40% of cardholders continue to use these offers, and of those, 93% plan to maintain or increase their use of these offers in the next year.
Built reached a $3.2 billion valuation in a funding round earlier this month when the company raised $150 million in a round led by the Ontario Teachers' Pension Plan, just a few months after a $200 million funding round valued it at $3.1 billion.
The company did not disclose the new valuation of the new funding round, but Bloomberg News reports put it at $3.2 billion.
Learn more about: Banyan, Bilt, Bilt Rewards, Flexible Spending Account, FSA, Health Savings Account, Health Care, HSA, Loyalty, Loyalty Rewards, News, Partnership, PYMNTS News, Rewards, Rewards Program, Featured Topics
Source link
