Commonwealth Bank says a new rewards program is driving incremental sales to big retailers offering discounts to the 8 million users of its app, as the bank uses the offering to lure new clients to its business bank.

CBA has taken a leaf out of Afterpay’s book by recognising that engaging users of a retail app can push them towards merchants wanting to sell more products. This was the core dynamic which drove the buy now, pay later leader’s huge valuation before it was acquired by Block in 2021.