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Loyalty points systems are expanding rapidly, and the recent partnership between financial services company FIS and payments solutions companies Verifone and Modo provides customers with a new option when shopping. In thousands of outlets across the United States, shoppers are now able to pay for products with credit card loyalty points. There is no restriction on what can be bought with the points. Merchants that use Verifone credit card terminals can set up the points redemption app, which will then ask customers how they would like to pay.

Modo’s chief executive says that nearly USD 16 billion worth of loyalty points expire each year. The FIS network includes more than 3,000 banks across the country, so customers with a credit card from any of them will be able to access and use the new payment option.

A number of app-based personal financial innovations are helping consumers maximize their income. This app tracks credit card spending to help customers maximize the rewards they earn, and this app teaches accountancy through online creative learning tools. How could the efficiency of mobile banking be adapted for customers that are not yet online?