SKUx, a digital instant payments startup, and Visa, a global payments giant, have announced a strategic agreement. The partners will work together to support further growth and adoption in the digital payments space.
SKUx announces agreement with Visa
In an announcement on Thursday, SKUx said the collaboration will tap into its payments-based solutions to accelerate digital transformation for merchants and consumer packaged goods (CPG) companies.
The alliance will focus on various use cases, including customer acquisition, loyalty programs and consumer care.
“SKUx is privileged to announce our work with Visa as we expand upon what is already shaping up to be an incredible year of growth in 2024,” SKUx co-founder and president Bobby Tinsley noted in a statement.
SKUx’s blockchain-based technology allows it to offer a multi-patented digital payments ecosystem targeted at the consumer offer industry. The platform’s clients leverage its technology to unlock value worth billions of dollars.
SKUx transforming consumer payments and incentives
Visa and SKUx will utilise their partnership to allow Visa clients direct access to SKUx, providing merchants with an opportunity to benefit from B2B and B2C payment flows.
In this case, the startup’s SKUPay technology is changing how clients handle consumer payments and incentives. That’s from delivery, redemption and settlement to reporting.
SKUPay taps into Hedera’s enterprise Distributed Ledger Technology (DLT), enabling users to track payments from issuance to redemption of virtual payments.
As it streamlines the outdated loyalty market, SKUx is taking the physical to digital. This includes for checks, coupons, rebates, and other promotional offers. It’s a process that’s helping merchants, consumer brands and loyalty platforms to solve several industry challenges.
The SKUx team raised an $11 million Series A round in March 2023, bringing its total raise to more than $22 million.
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