NEW YORK—JPMorgan Chase said it plans to buy the global loyalty division of cxLoyalty Group Holdings, a third-party credit card loyalty program service provider, Reuters reported.
The transaction, whose financial terms were not disclosed, will see the Wall Street bank integrate cxLoyalty’s technology platforms, full-service travel agency, gift card, merchandise, and points bank businesses into its Chase cards program.
“Acquiring the travel and rewards businesses of cxLoyalty will provide enhanced experiences to our millions of Chase customers once they are ready, comfortable and confident to travel,” a Chase spokesperson told Reuters.