Universal rewards management

A universal rewards management system for managing collection and redemption of universal rewards, said universal rewards management system comprising:

• a non-transitory computer readable storage medium configured to store computer program instructions defined by modules of said universal rewards management system;
• at least one processor communicatively coupled to said non-transitory computer readable storage medium, said at least one processor configured to execute said defined computer program instructions;
• and
• said modules of said universal rewards management system comprising:
• a device communication module configured to establish a communication between a consumer device and a merchant device based on communication criteria, on receiving a communication request from each of said consumer device and said merchant device via a network;
• a data communication module configured to communicate purchase transaction information associated with a purchase made by a consumer, received from said consumer device to said merchant device via said network, for acquiring a reward generation approval from said merchant device;
• a rewards generation module configured to generate universal reward points for said purchase made by said consumer using said purchase transaction information and one or more of a plurality of predetermined computation parameters based on said reward generation approval acquired from said merchant device, wherein said generated universal reward points are redeemable for any reward voucher issued by any of a plurality of merchants;
• said rewards generation module further configured to generate a reward voucher redeemable from one of said merchants associated with said purchase, for a subsequent purchase made by one of said consumer and another consumer using another one or more of said predetermined computation parameters;
• said data communication module further configured to communicate a reward voucher redemption request for redeeming said generated reward voucher from said consumer device of said one of said consumer and said another consumer to said merchant device of said one of said merchants via said network, for acquiring a reward voucher redemption approval from said merchant device;
• and
• a payment processing module configured to determine a reduced cost for said subsequent purchase made by said one of said consumer and said another consumer based on said acquired reward voucher redemption approval to said reward voucher redemption request.

A computer program product comprising a non-transitory computer readable storage medium, said non-transitory computer readable storage medium storing computer program codes that comprise instructions executable by at least one processor, said computer program codes comprising:

• a first computer program code for establishing a communication between a consumer device and a merchant device based on communication criteria, on receiving a communication request from each of said consumer device and said merchant device via a network;
• a second computer program code for communicating purchase transaction information associated with a purchase made by a consumer, received from said consumer device to said merchant device via said network, for acquiring a reward generation approval from said merchant device;
• a third computer program code for generating universal reward points for said purchase made by said consumer using said purchase transaction information and one or more of a plurality of predetermined computation parameters based on said reward generation approval acquired from said merchant device, wherein said generated universal reward points are redeemable for any reward voucher issued by any of a plurality of merchants;
• a fourth computer program code for generating a reward voucher redeemable from one of said merchants associated with said purchase, for a subsequent purchase made by one of said consumer and another consumer using another one or more of said predetermined computation parameters;
• a fifth computer program code for communicating a reward voucher redemption request for redeeming said generated reward voucher from said consumer device of said one of said consumer and said another consumer to said merchant device of said one of said merchants via said network, for acquiring a reward voucher redemption approval from said merchant device;
• and
• a sixth computer program code for determining a reduced cost for said subsequent purchase made by said one of said consumer and said another consumer based on said acquired reward voucher redemption approval to said reward voucher redemption request.