Worldpay, the private-equity owned UK payments processing firm, is looking for a slice of the data analytics market by launching a new scheme for retailers, dubbed Insight Services.
The company, which is poised for an £3.5bn IPO, is drawing on its payment information, to allow retailers to better understand aggregated consumer spend and preferences, both online and in-store.
Worldpay handles 42% of card transactions on the high street and has data on 63 million cardholders across 300,000 merchants across industry sectors and channels.
The analysis looks at consumer spending patterns and loyalty behaviours at a national and local level, by sector, payment type, channel and time of day.
Worldpay UK cheif marketing officer James Frost said: “Retailers are already incredibly sophisticated in terms of gathering and interpreting customer habits, be that in-person or online. We can add value is by helping them continue to build up an ever more accurate picture of who that customer is, even after they’ve left the store. It’s loyalty analytics, without the need for a loyalty scheme.”
