TSYS, a global payment technology company based in Georgia, announced Wednesday (March 7) a new payment solution dubbed Advanced AuthControl will be implemented at Walmart and Sam’s Club locations around the United States.
In a press release, TSYS said the patent-pending payment solution is able to recognize qualified purchases by a consumer’s health care plan. That product, combined with Walmart’s point-of-sale decision capabilities, which is called “Directed Spend,” will enable TSYS’ health care customers to provide members with incentive dollars through their health care plan’s wellness incentive program.
According to TSYS, one of the primary benefits of the Advanced AuthControl platform is that it can be customized so that rewards can be linked to healthy behaviors. TSYS noted that total health care spending in the U.S. hit $3.4 trillion in 2016 and is expected to rise to $5.5 trillion by 2020.
“The addition of Walmart and Sam's Club to our growing network of retail providers is a huge testament to the capabilities and benefits of Advanced AuthControl,” said Trey Jinks, president of the TSYS health care division. “The geographic coverage and breadth of merchandise these retailers offer, combined with TSYS’ innovative payment solution, creates tremendous opportunities to be healthy and reduce the growth in health care expenses by incenting healthy and preventative behaviors versus expensive treatments.”
As part of the agreement, TSYS said it will promote Walmart and Sam’s Club locations to its existing customer base. Mike Cook, senior vice president and assistant treasurer at Walmart, noted that one of the company’s biggest concerns is the well-being of its customers. In the same press release, he said that via the partnership with TSYS, the retailer will be able to leverage its network of stores and its Directed Spend platform to provide better wellness incentive programs.