British Airways Executive Club is partnering with fintech startup Banked to allow customers to earn Avios loyalty points on everyday purchases.
Through the partnership, British Airways Executive Club members who make an online purchase with a Banked merchant can collect Avios, the rewards currency of BA Executive Club, during checkout.
Customers pay using their bank account via Banked and do not need to sign up to a credit card program to receive Avios. Merchants, meanwhile, can offer Avios to customers without having to accept credit cards with high processing fees (Banked’s software comes with a 0.1% processing fee).
Avios can be spent on rewards such as flights, upgrades, hotels and car hire.
Launched in 2018, Banked says its payments platform creates “a far more accessible and fair loyalty system” as part of its mission “to build a new and improved digital payments network which challenges the dominance of current providers.”
Merchants that integrate the Banked and Avios checkout option stand to gain increased customer loyalty, conversion rates and a higher average order value.
Banked is currently integrated with banks in the United Kingdom including Barclays, HSBC, Santander and NatWest, as well as challenger banks Monzo, Starling and Revolut.
Says Banked CEO Brad Goodall: “The partnership between Banked and the British Airways Executive Club is an enormous step forward for us as we expand our new digital payments network. With 78% of consumers making purchasing decisions based on loyalty points, being able to offer Avios through the Banked network will help our merchants increase conversion rates and improve customer loyalty.”