HSBC and CVS/pharmacy Launch Tempo Network Loyalty Rewards Card
HSBC Finance Corporation’s card and retail services business and CVS/pharmacy have announced they have entered into an agreement to offer a new CVS-branded Tempo Payment Network loyalty rewards payment card. Planned for a mid-2007 pilot launch at the retailer’s 141 Indianapolis-area stores, the CVS ExtraCare Plus card will provide CVS/pharmacy customers with a convenient and secure multipurpose rewards and payment solution that links the cardholder’s existing checking account to their existing ExtraCare account.
“We look forward to offering CVS/pharmacy and its customers this truly innovative program,” said Joe Hoff, managing director, retail services for HSBC. “With more than 30 years of payment card program expertise, HSBC is proud to offer our newest card solution to uniquely address the evolving payment needs of CVS and their customers.”
“The CVS ExtraCare Plus rewards payment card allows customers to receive their ExtraCare rewards benefits and securely pay for their merchandise with the swipe of just one card, which allows for a convenient and speedy customer checkout,” said Peter Nash, director – treasury operations, CVS Caremark Corporation. “We look forward to introducing this pilot program to our Indianapolis customers this summer.”
HSBC card and retail services issues merchant-branded payment cards for premier retailers and manufacturers, and is among the largest issuers of credit cards in the United States. The new CVS ExtraCare Plus card is the first card product offered under HSBC’s OptiPay loyalty rewards PIN-payment program. Through the Tempo Payment Network, HSBC’s OptiPay program offers retailers reduced checkout costs without having to make any point-of-sale changes; and offers consumers a greater choice of merchant-branded, affinity-based, PIN-secured payment options.
In addition to in-store payments and rewards, CVS ExtraCare® Plus cardholders will be able to use the new card at more than 200,000 merchant locations in the U.S. that participate in the Tempo Payment Network.
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