its plans to roll out a mobile app called MobileGiftReward
early next year that will be piloted by undisclosed financial institutions. The app will allow consumers to use unredeemed rewards points held by banks. The goal of this app is to remove the hassle from converting rewards points into usable items:
“With the app… users can convert unused rewards points into gift cards usable at CashStar client merchants.”
The merchants include The Gap, Starbucks, Home Depot, and many others. Here’s how it works:
“Users can choose the brand they want. The app then generates a bar code that can be scanned at any of that brand’s stores. In cases where the merchant doesn’t have a scanner at checkout, the clerk can key in a 16-digit number that appears with the bar code.”
CashStar demonstrated this app at FinovateFall 2011 last month in New York. A full-length demo will be posted within the next two weeks.