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SKUx and Visa to Enable Seamless Digital Payment Consumer Experiences for Merchants and CPG Companies

ST. PETERSBURG, Fla., May 16, 2024--(BUSINESS WIRE)--SKUx, a leader in digital instant payments innovation, today announced it has signed an agreement with Visa (NYSE: V), a world leader in digital payments. The agreement will accelerate digital transformation for select merchants and consumer packaged goods companies that leverage SKUx’s payment-based offer solutions – supporting a variety of client use cases; from customer acquisition, to loyalty, to consumer care and recovery, while ensuring a seamless, end-to-end consumer experience.

SKUx is revolutionizing the consumer offer industry, unlocking billions of dollars in value currently being lost to fraud and inefficiency. Through the company’s multi-patented digital payments platform, SKUx is rapidly advancing the outdated physical to digital process of checks, coupons, rebates, and promotional offers, solving long-term industry challenges for merchants, consumer brands, loyalty platforms, travel companies, healthcare providers, and beyond. The SKUx platform is being leveraged by several of the world’s leading CPG brands. Benchmarked results have seen up to 85% reductions in paper checks, with digital delivery of customer payments provided in near real-time as opposed to days or weeks with physical offers, dramatically reducing costs, effort, and fraud.

The SKUx Digital Payments Platform is designed to enable seamless virtual payments to consumers anytime, anywhere, regardless of the business objective. It allows companies to engage directly with their customers by delivering a client branded real-time, Visa digital payment to a mobile device. Built on a highly sophisticated modern platform architecture, SKUx Digital Payments leverages Hedera’s leading enterprise distributed ledger technology (DLT) to track the issuance and redemption of payments, providing unparalleled transparency in reporting.

The Visa and SKUx agreement will enable Visa clients the opportunity to engage directly with SKUx, driving value creation among B2B and B2C payment flows for merchants and manufacturers. This will help merchants drive customer acquisition, digitize customer care and recovery, and target product-level spend. SKUx complements and enhances Visa’s services to enable our mutual customers to stay at the forefront of innovation and interconnect the customer experience from "hello" to "buy." Together, our interconnected solutions drive client and customer value upstream to deliver a low friction, more personalized commerce experience.

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"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," said Bobby Tinsley, co-founder and president at SKUx. "SKUx is committed to driving unparalleled value and opportunities for our clients. We look forward to success together."

Visa clients looking to learn more about SKUx and the innovative payment solutions the company provides can visit skux.io/skux-visa/.

About SKUx

SKUx powers promotions and item-level payments at the speed of today’s consumer. With mobile phones, bar codes, virtual cards and app-based payments now ubiquitous tools of commerce, SKUx’s Digital Payments Platform provides flexible, end-to-end solutions to deliver value directly to customers. SKUPay® is a revolutionary tool for merchants to eliminate consumer friction in product-specific payment acceptance for use in CPG, health benefits, travel/entertainment and other industries. SKUx Digital Payments is a suite of tools which provide multi-channel payments for company promotions, loyalty and benefits at the point of sale. The SKUx platform combines first-party data, mobile branding, DLT serialization, secure digital payments and settlement and other technology to deliver a seamless consumer experience and real-time transparency for merchants, brands, and payment partners. For more information, visit skux.io

Forward-Looking Statements

This release contains "forward-looking statements" within the meaning of the U.S. federal securities laws. Statements that are not historical facts, including statements about anticipated business and financial outcomes, including any projections of the Company, projected revenue or expense synergies, business and market conditions, outlook, the Company’s sales pipeline and anticipated profitability and growth, the outcome of our comprehensive assessment referred to in this release, as well as other statements about our expectations, beliefs, intentions, or strategies regarding the future, or other characterizations of future events or circumstances, are forward-looking statements. These statements may be identified by words such as "expect," "anticipate," "intend," "plan," "believe," "will," "should," "could," "would," "project," "continue," "likely," and similar expressions, and include statements reflecting future results or guidance, statements of outlook and various accruals and estimates. These statements relate to future events and our future results and involve a number of risks and uncertainties. Forward-looking statements are based on management’s beliefs as well as assumptions made by, and information currently available to, management.

Actual results, performance or achievement could differ materially from those contained in these forward-looking statements. Other unknown or unpredictable factors also could have a material adverse effect on our business, financial condition, results of operations and prospects. Accordingly, readers should not place undue reliance on these forward-looking statements. These forward-looking statements are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Except as required by applicable law or regulation, we do not undertake (and expressly disclaim) any obligation and do not intend to publicly update or review any of these forward-looking statements, whether as a result of new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240516459847/en/

Contacts

Bobby Tinsley – SKUx Co-founder and President
bobby@SKUx.io

Trisha Asgeirsson – SKUx Chief Revenue Officer
Trisha.asgeirsson@skux.io

Ralph Darmo – Visa Global Merchant, Partner, Cobrand
rdarmo@visa.com

Sydney Anunda – Visa Manager, Strategy & Operations
sanunda@visa.com

Kevin Sugarman – Public Relations & Media Requests
ksugarman@globalfluency.com
408.966.4852