With more than £7 billion worth of unused loyalty points and rewards in the UK today, fin-tech firm For Good Causes, which helps consumers donate their unwanted rewards to charity, has announced that it is to scale up following a successful pilot.
For Good Causes enables consumers from multiple loyalty schemes and reward programmes to donate their reward value to a charity of their choice, with more than 14,000 charities already on the platform. So far consumers have donated to 13,000 through the platform and it is now aiming to reach more than 25m loyalty members by Q1 2020.
According to For Good Causes, over three quarters of the UK population (77%) are signed up to at least one loyalty provider and while the majority of loyalty members (91%) state they actively collect and redeem the points and rewards they earn, it has found that there are more than £7 billion-worth currently unused.
Vodafone is one of the brands currently on the platform. Thousands of its consumers have donated rewards this year with points being converted to an average charity donation of £6.49. In August alone Vodafone consumers donated their points to over 850 different charities including national charities like Cancer Research UK, Guide Dogs, Alzheimers Research UK, NSPCC and Help for Heroes as well as a number of local hospices, regional animal sanctuaries and children’s playgroups around the country.
Crispin Rogers, CEO, For Good Causes, said:
“Unlocking the £7bn of loyalty value and recycling it, to do good, is the “hero” of our story, because it will empower more people, more often to make a difference. And it creates a brand new income stream for UK charities.”
“Empowering consumers to support causes they love – ones that align with their personal values and beliefs – can create strong emotional engagement and brand advocacy. Whether they choose to support medical research, animal rescue or they’re keen to donate to a local cause or to a charity addressing one of the UN Sustainable Development Goals (SDGs), we want to enable that choice.”
Get free email updates
Keep up to date with fundraising news, ideas and inspiration with a weekly or daily email. [Privacy]