PAR Technology has introduced Punchh Wallet, a new digital wallet to revolutionise the checkout experience of restaurant guests by integrating loyalty programmes with payment processes across various channels.
Punchh Wallet aims to simplify the payment process by offering features such as saved payments, stored value, and digital passes that work both within and outside of restaurant apps.
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By doing so, it provides valuable insights into customer behaviour, which can lead to increased lifetime value and strategic growth for restaurants.
For early adopters of Punchh Wallet, the results have been significant, demonstrating a 163% increase in customer lifetime value, a 70% rise in sign-ups from those using Apple Pay, and a 6.5-fold increase in customer visit frequency.
PAR Technology CEO Savneet Singh said: “Restaurants are always searching for that sweet spot where simplicity meets innovation.
“Punchh Wallet isn’t just about streamlining processes – it’s about solving complex technological challenges that have hindered restaurants. Since its launch earlier this year, it has already demonstrated remarkable success, for example, by helping brands achieve a 6.5x lift in customer frequency. This is just the beginning, and we’re excited for what’s next.”
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By GlobalDataThe key benefits of Punchh Wallet include the ability to save credit card details securely within the app and reducing the need for physical cards at checkout.
Customers can also manage stored values without physical gift cards and subscribe to exclusive food passes.
Additionally, the integration with Apple Wallet and Google Wallet allows guests to join loyalty programmes and make payments without needing a traditional app.
The wallet aligns with PAR Technology’s mission to streamline the operations of restaurants and enhance customer engagement through connected solutions.
It consolidates payments, loyalty and guest data into a single platform, addressing the technological hurdles that have previously prevented several restaurants from adopting integrated systems.
In 2021, PAR Technology acquired Punchh, which offers loyalty and guest engagement solutions, in a cash and stock deal worth $500m.
Last month, the company partnered with NomadGo, a spatial AI inventory solutions provider, to bring AI-driven inventory management to the foodservice industry.
