CannyApp’s 3% Cashback Mastercard expects to boost customer take up by five times after beginning the roll out of their new ‘one click’ card ordering technology
CannyApp and TProfile partner to offer ‘one click’ card ordering
CannyApp has partnered with TProfile to bring a ‘one click’ solution to travel booking platforms.
The technology links via an API directly to booking platforms to automatically extract the required ‘Know Your Customer’ (KYC) data, to pass the electronic banking regulations, when a customer clicks on a partner’s ‘order card’ button.
The first travel Trade Technology partner is TProfile, who have integrated the solution into its platforms and is now offering it to all of their partners.
“This was one of the simplest ancillary integrations we have completed, having taken only half a day, and I am sure will be a popular addition to our customer app and portal, allowing cross selling of FX on an automated basis,” says TProfile chief executive Tony Evans.
“Post Covid, the level of online banking and contactless payments has soared and CannyApp’s proposition is ideally suited to exploit this,” adds managing director Jane Atkins.
“However, evidence from financial services sectors has highlighted that card uptake surges five times if you simply remove the friction of having to re-enter data during the sign-up process.
“By focusing on existing partner booking hand-off files, we have managed to reduce the integration work to no more than half a day, making it a frictionless and very lucrative tech investment for Partners that could generate 100x returns.”
CannyApp has been trading for two years, but like many businesses, expansion was initially impacted by both Covid lockdown and start-up disruption, with a number of travel companies deferring the adoption of the service to focus on their own core business recoveries.
CannyApp charges the same average cost of use as the high street banks. But its online operational efficiency and lower margin expectations allows them to give customers a 3% cashback and still pay introducing travel partners a fee of 1% of all the spend on that card for the three-year lifetime of the card issued, irrespective of how and who the customer travels in future years.
CannyApp reports that the average customer spend to date has been £1,892 per year, creating £57 annual cashback for the holiday maker, and an expected 3 year earning of £57 per card for partners, for every card introduced.
Customer expenditure can also be analysed for partners on an ‘anonymised’ basis.
Interestingly, 32% of CannyApp expenditure was on ATM withdrawals, for which there is no fee with CannyApp. Although contactless payment is now dominating UK transactions, many holiday experiences are still cash based, particularly in destinations such as Turkey and Greece.
Less surprisingly, 44% was spent on food and beverage, 18% in retail outlets (mainly clothing) and 6% on “Other”.
Of all transactions, 56% were contactless, reflecting the high volume of smaller holiday transactions for food and beverages.