Payments technology startup Modo has announced a partnership with UAE-based, Etihad Airways, to co-create a loyalty solution for the airline industry as part of the FinTech Abu Dhabi Innovation Challenge (the Innovation Challenge), the company said.
The annual Innovation Challenge, an initiative by Abu Dhabi Global Market (ADGM), is held in collaboration with KPMG Lower Gulf Limited (KPMG LG)/KPMG Digital Village to support the development of fintech in Abu Dhabi and the wider MENA region, and serves as a catalyst for collaboration between corporate institutions and fintech startups.
Modo and Etihad Airways are working closely to deliver an innovative solution focusing on the redemption of Etihad Guest Miles to be showcased at the FinTech Abu Dhabi Summit on September 17, 2018.
Modo provides a cloud-based utility for quickly connecting existing payment systems without requiring changes to those systems. Modo´s technology empowers consumers with omni-channel shopping experiences where loyalty points can be used to checkout at the point-of-sale, online, and via mobile commerce. Making loyalty point redemption more convenient for consumers, by creating interoperability between loyalty programs and every day commerce, allows for a unique and valuable experience that benefits the consumer, merchant, and loyalty program provider. Modo is working with Etihad to transform the Etihad Guest Miles into a currency which allows seamless and easy payment for multiple products and services.
The product of the collaboration between Modo and Etihad Airways will be presented on September 17th at the FinTech Abu Dhabi Innovation Challenge Demo Day at Fairmont Bab Al Bahr, Abu Dhabi.
Modo focuses on reducing friction in payments by creating interoperability. Modo´s payments utility allows for better, faster connections between systems without requiring changes to any source or endpoint. They are currently creating interoperability for Bank of America, Deutsche Bank, Mastercard, Alliance Data, FIS, Verifone, and Klarna using their Payout, Checkout, and Payin solutions. For more information, check out www.modopayments.com. â©â©â©â©