NEWS22 September 2015

Worldpay launches Insight Services

News Retail UK

UK — Payment processing company Worldpay has released a big data analytics service for retailers called Insight Services.

Drawing on the company’s payment information, Insight Services allows 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 which cuts across industry sectors and channels. The data analysis looks at consumer spending patterns and loyalty behaviours at a national and local level, by sector, payment type, channel and time of day.

James Frost, UK CMO of Worldpay, 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.