Today in the Connected Economy: Peloton Helps UnitedHealthcare Members Stay Fit

Today in the connected economy, UnitedHealthcare extends its collaboration with the fitness platform Peloton as more consumers look for ways to mix digital and in-person health.

Also, Target and TD Bank decide to continue their collaboration on the Target Red Card until 2030, and Japan’s Rakuten turns to Goldman Sachs as it prepares to go public.

UnitedHealthcare, Peloton Expand Partnership

UnitedHealthcare has expanded its partnership with fitness platform Peloton, part of a broader move to position itself as a hub for all things health-related as a growing number of consumers seek out a mix of in-person and digital channels for care and wellness.

The revised agreement gives as many as 10 million commercial members of the nation’s largest health insurer access to a yearlong subscription to the Peloton App — or a three-month waiver toward a Peloton All-Access Membership — at no cost.

“Our initial offer with Peloton is proving effective in helping encourage many of our members to get or stay active, with the goal of supporting their mental, physical and emotional health,” said Dr. Rhonda Randall, chief medical officer for UnitedHealthcare’s commercial business. “This expanded collaboration will help even more people maximize the value of their health benefits while pursuing their fitness goals.”

TD Bank, Target Credit Card Partnership to Continue Through 2030

Target’s RedCard credit card will continue to be developed by the same team, as the retailer has extended its 9-year-old partnership with TD Bank through 2030.

The contract extension means TD Bank will continue to act as exclusive issuer of Target co-branded and private label credit cards for consumers, the companies said.

“A decade of partnership has enabled our teams to innovate together and deliver a compelling card program for Target guests,” TD Bank Head of U.S. Credit Cards and Unsecured Lending Chris Fred said. “We are thrilled to continue our collaborative relationship with Target, a leading retailer that shares our growth mindset and sharp focus on the customer.”

Japan’s Rakuten Picks Goldman to Run Potential Banking IPO

Japan’s Rakuten Group has chosen Goldman Sachs and Daiwa Securities to handle an initial public offering (IPO) for its banking business.

Rakuten — whose businesses include eCommerce, messaging, food delivery and a variety of FinTech services — reportedly plans to list its banking operations on the Tokyo Stock Exchange with a valuation of about 300 billion yen to 400 billion yen.

A report by Bloomberg News notes that the offering is part of a move by Rakuten to expand its financial services as its eCommerce and mobile businesses lag.

London-Based Paysafe Joins Spreedly Partner Program

London-based payments firm Paysafe is joining Spreedly’s Partnership Program, which the company calls an “inclusive ecosystem which offers multiple payments services globally, with 120+ available integrations from a single point of connection.”

The partnership covers the U.K. and mainland Europe for now, but the two companies plan to expand their collaboration to North America and Latin America.

“Spreedly’s Partnership Program has an exciting vision to offer businesses the opportunity to easily test and add new payment services through its ecosystem, which in turn can bolster all-important customer acquisition and retention efforts,” said Rob Gatto, Paysafe’s chief revenue officer.

Onfido Debuts Facial Biometric Tech That Verifies ID in Seconds

Digital identity verification and authentication provider Onfido has debuted a solution for its new Real Identity Platform to provide seamless, secure and inclusive customer verification.

Motion, a next-generation biometric liveness solution, is iBeta Level 2 certified and lets businesses to automate customer onboarding, assess a greater number of people quicker while also reducing the risk of fraud exposure.

“In today’s fast-paced digital world, providing the best user experience is everything. Consumers demand to be able to access products and services in seconds whilst also knowing they are secure,” said Onfido Chief Product Officer Alex Valle. “Motion helps achieve this, with a biometric liveness solution that provides simple, fair and secure access to online services from banking and gaming to crypto, rental cars and scooters.”

Fortis, Visual Matrix Partner to Give Hotels More Payment Choices

Payment and commerce technology provider Fortis and hotel tech firm Visual Matrix have teamed up to help hotel operators to offer more payment choices to their guests.

The companies say the partnership will see Fortis’ commerce platform integrate with the Visual Matrix hotel operating system.

“The Fortis team understands the unique challenges of the hospitality industry and provides a platform that simplifies payments for guests and expands payment choices as new options emerge,” said Visual Matrix CEO Georgine Muntz. “This also helps to streamline hotel operations processes like reconciliation though integration with our software.”