Sydney, 9 September, 2021 — Upstreet today announced that they have joined Visa Fintech Partner Connect — a program designed to help Visa’s issuing, acquiring and merchant clients connect with a vetted and curated set of technology providers.
Upstreet’s platform allows companies to reward customers and/or employees with fractional share rewards and aims to democratize share ownership. Initially started as a platform where customers earn shares as they shop with partner brands, now Upstreet also facilitates share rewards for employees. Everyone benefits from Upstreet’s platforms. Individuals start on their journey of share ownership and companies attain “true loyalty” from their customers and employees, leading to higher sales and engagement.
“We help companies build great connections with their end-consumers and employees.” commented Christian Eckelmann, Co-founder and CEO of Upstreet. “Never before have consumers had the opportunity of being owners of the companies where they shop, without shelling out their own cash. Customer share ownership results in sticky loyalty and a more invested consumer.”
Anthony Jones, Head of Innovation and Partnerships for Australia, New Zealand and South Pacific at Visa said: “By rewarding Australian consumers with fractional shares when they shop with their Visa card, Upstreet offers a new way to build long term loyalty between brands and their customers. This is an exciting opportunity for merchants and card issuers seeking to provide greater choice in their rewards programs today, and we’re thrilled to support such great Australian talent through our Fintech Partner Connect program.”
Upstreet facilitates a share reward program between companies and their customers and/or employees.
Individuals can receive fractional shares when they shop with participating brands, from their employers. For example, if an individual purchases an item for $100, he/she could receive $5 in fractional shares. Similarly, an employer can reward their employee with shares for an anniversary or for making an employee referral.
Currently, Upstreet has over 300 Australian and international brands for customers to shop from. Customers can shop from these brands through the Upstreet App and Google Chrome Extension. For Upstreet’s special partnerships, customers can earn fractional shares simply by linking their credit card and/or bank account to the free Upstreet App and shopping with the participating retailer.
Upstreet’s model is supported by independent research, which has proven that customer share rewards can increase sales. Customers who own shares in the companies they shop from have been proven to:
- Purchase 34% more products from that company
- Purchase 30% more frequently from that company
- Are 33% less likely to buy from competitors
- Have a better sentiment towards the company (e.g., higher NPS)
To see the full research paper, please visit here.
The information in this website is prepared by ESC Operations Pty Ltd (ACN 635 424 538, AR 1283 677), who is an authorised representative of Cache Investment Management Pty Ltd (ACN 624 306 430 AFSL 514 360) (Cache). Any financial products described in this post will be issued by Melbourne Securities Corporation Limited (ACN160 326 545, AFSL 428 289), as disclosed in the relevant product disclosure statement. All information is general information only and does not take into account your personal circumstances, financial situation or needs. Before making a financial decision, you should read the relevant Product Disclosure Statement and Target Market Determination and consider whether the product is right for you and whether you should obtain advice from a professional financial adviser.