Payments start-up Banked has teamed up with British Airways Executive Club to allow people to collect Avios simply by choosing to use Banked when they checkout online.
Consumers who have or set up a British Airways Executive Club membership will be able to collect Avios every time they make an online purchase with a Banked merchant, simply by choosing to pay with them during the checkout process. Customers simply input their British Airways Executive Club number in the Banked checkout before being redirected through to their banking app for verification – allowing customers to collect Avios.
With Banked, there’s no need for credit cards to earn Avios through your spending. Banked’s mission to build a new and improved digital payments network that challenges the dominance of current providers.
As yet there does not seem to be any retailers accepting it but several high-profile retail businesses are already planning to integrate the Banked and Avios checkout option. The Banked offering is likely to seem appealing to merchants as it offers businesses a faster and more secure way of making and receiving payments in real-time, with just 0.1% card processing fees – a fraction of the market rate. If it catches on it could be a great alternative to credit cards for earning Avios.
Banked was launched in 2018 and is already integrated with most UK banks including Barclays, HSBC, Santander and NatWest, as well as leading challenger banks Monzo, Starling and Revolut. Individuals can use the free Banked app to create payment links, and start requesting money from anyone, for anything, without sharing any personal banking details.
Brad Goodall, Banked CEO: “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.”
2 comments
With such a low merchant fee it’s hard to see sustainable Avios earning potential. The AMEX premium card gives 1.5 points per £, and AMEX standard 1 per £, i can’t see it being more than 1 per £4. But lets see.
Agree but then obviously the premium cards come at a cost so this is free. Also for the non Amex cards the earning rate is generally low so I’m guessing that would be their competition. Hopefully they may do a good rate initially as a promotion.
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