Company Announcements

Bringing Loyalty and Payments Together for a Frictionless Guest Experience

NEW HARTFORD, N.Y.--(BUSINESS WIRE)--Oct. 31, 2024-- PAR Technology (NYSE: PAR), a global foodservice technology company, today announces the introduction of Punchh® Wallet, a fully customizable digital wallet designed to bridge the gap between loyalty and payments. Punchh Wallet redefines the checkout experience and how restaurants engage with their guests by seamlessly integrating payment orchestration with loyalty programs across every channel—both within and beyond the app.

Punchh Wallet goes beyond streamlining checkout—it transforms every transaction into a valuable opportunity for deeper engagement. Whether guests are using in-app features like saved payments and stored value or out-of-app options like digital passes and Apple Wallet®, Punchh Wallet simplifies each step while providing restaurants powerful insights into guest behavior. This holistic approach not only enhances the customer experience but also drives increased lifetime value and strategic revenue growth.

“Restaurants are always searching for that sweet spot where simplicity meets innovation,” said Savneet Singh, CEO of PAR Technology. “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.”

For customers granted early access to Punchh Wallet features, initial results have been remarkable, including:

• 163% increase in customer lifetime value
• 70% increase in sign-ups from customers using Apple Pay®
• 6.5x lift in customer frequency

At a time when nearly 80% of Gen Z consumers use digital wallets, and experts predict digital wallets will replace plastic cards by 2030, the demand for seamless, integrated technology is more critical than ever. Punchh Wallet meets this need by delivering a unified, streamlined loyalty and checkout experience that prepares restaurants for future success while offering immediate, tangible benefits.

Key Benefits of Punchh Wallet:

• Saved Payments – No more juggling between physical cards and the app. Now guests can securely save credit cards in the app and at checkout, simply scan the QR code to pay, earn, and redeem rewards – all at once.
• Stored Value: Forget the hassle of physical gift cards - load and auto-reload stored value reducing time at the POS and increasing convenience with the ability to pay with one tap or scan at checkout.
• Subscriptions: Offer loyal guests exclusive food passes at preferred pricing, all while creating a recurring revenue stream for your brand.
• Apple Wallet Loyalty & Digital Passes: No app? No problem. Guests can join, participate in your loyalty program, and pay directly through Apple Wallet® and Google Wallet®, eliminating the need for traditional apps.

“Punchh Wallet makes it easy for Apple Pay users to join our loyalty program, expanding our reach and engagement beyond the app. The seamless one-tap experience for collecting points, redeeming rewards, and paying has simplified the checkout process for our guests, leading to stronger customer engagement and loyalty,” Lauren Traylor, Director of Marketing at Salsarita’s Fresh Mexican Grill.

Supporting the PAR Mission

Punchh Wallet aligns with PAR Technology’s mission to simplify restaurant operations and enhance customer engagement through connected, future-ready solutions. By unifying loyalty, payments, and guest data under one roof, Punchh Wallet overcomes the technological challenges that have deterred many restaurants from adopting integrated systems. This streamlined orchestration reduces the need for multiple vendors, driving operational efficiency and boosting revenue for restaurants.

“Punchh Wallet is helping us increase engagement in our app and provides our guests the added convenience at checkout to effortlessly pay and reap the rewards of our Healthy Rewards™ loyalty program—all in one click,” said Shannon Murphy, Senior Director of Digital Marketing & Loyalty at Smoothie King. “The ability to segment and incentivize users to utilize both saved payments and stored value in one execution is an incredibly compelling proposition for us as we continue to focus on digital growth.”

For more information, please visit partech.com.

PAR® and Punchh® are trade names or trademarks belonging to PAR Technology or its subsidiaries and affiliates. This press release may contain trade names and trademarks of third-party products and services, and the use of such other companies’ trade names or trademarks is not intended to imply any endorsement or sponsorship by these companies of PAR or PAR’s products or services.

PAR Technology:

For over four decades, PAR Technology Corporation (NYSE: PAR) has been at the forefront of technology innovation in foodservice, helping businesses create exceptional guest experiences and connections. Our comprehensive suite of software and hardware solutions, including point-of-sale, digital ordering, loyalty, back-office management, and payments, serves a diverse range of hospitality and retail clients across more than 110 countries. With our "Better Together" ethos, PAR continues to deliver unified solutions that drive customer engagement, efficiency, and growth, all to make it easier for our customers to manage their operations. To learn more, visit partech.com or connect with us on LinkedIn, X (formerly Twitter), Facebook, and Instagram.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241031705098/en/

Christopher R. Byrnes (315) 743-8376
cbyrnes@partech.com, www.partech.com

Source: PAR Technology