Scottish Fintech Miconex is launching a cardless reward programme aimed at rewarding consumers for shopping locally and putting money back into local economies.

Described as a ‘first of its kind’ programme, Mi Rewards is to be piloted in Perth and could help fuel local businesses and retailers across Scotland.

Miconex has been working with Perth & Kinross Council and local businesses to develop Mi Rewards and, if the scheme is successful, it is hoped that similar programmes could be replicated across the UK.

Rewarding Consumers

The Mi Rewards programme automatically rewards customers for spending money in local businesses using their debit and credit cards. In an age of multinational conglomerates, rewarding people for loyalty to local businesses could help to combat the deterioration of high streets and local businesses.

The scheme will enable customers to earn points for shopping, dining and going out in Perth. Micronex says the scheme is free and easy for consumers to use, as it requires no physical loyalty card. Users simply register their existing debit and credit cards by logging in through the Mi Rewards website.

Consumer spending is tracked securely and as points are accumulated by spending at local businesses, customers can convert their hard earned points into Perth Gift Cards and spend them as they see fit. In addition to its rewards scheme, Mi Rewards also offer perks simply for signing up, including discounted tickets, VIP access to events and even random acts of kindness…

Colin Munro, Managing Director of Miconex, said: “As we work in towns and cities across the country, we see how online shopping and out of town retail is impacting on the success of some high streets. We want the rewards programme to help bring back some prosperity and provide the tools needed for them to compete.”

“I love the elegance of the Mi Rewards programme; the customer registers once and then when they shop, go for a meal, or see a film, they’re rewarded. Miconex has been working with UK towns and cities for eight years on a wide range of projects and I feel that this new technology really could bring some positive change to town centres up and down the country.”

Looking Local

Miconex has been the driving force behind other successful schemes, including Perth, Cardiff, Glasgow and Sheffield Gift Cards. The whirlwind success of the Perth gift card scheme proves that citywide programmes do work and are capable of engaging local consumers with businesses and retailers.

Through programmes such as these, customers develop a greater connection with their town or city and businesses gain added income, attention and insights into consumer spending habits.

Leigh Brown, City Centre Manager for Perth and chair of the Association of Town and City Management believes that as high streets change, pilot schemes such as the Mi Rewards programme could allow businesses to engage with consumers in new ways. She said: “UK towns and cities are evolving due to changes in consumer behaviour. As Place Managers we need to understand how and why people are using their towns and cities.

“Through Mi Rewards, Place Managers will be able to gather data that will help support local businesses. We will be able to communicate with consumers in a more sophisticated way, too. This will allow us to learn, plan, and make improvements that develop the local economy.”