An online reward exchange system including an exchange computer that interoperates with user computers, reward point issuer computers, and merchant computers. The merchants' products may be purchased by a user by requesting via a user computer, merchant's point of sale device, or mobile device an issuer(s) to redeem reward points in exchange for payment to the merchant. The exchange computer is the gateway to the system and manages various transactions such as providing online product catalogs to users that list the merchants products, as well as displaying to the user the reward points available in his reward programs with the issuers. Once a user selects a desired product the exchange computer can mediate or manage the purchase transaction in which reward points are redeemed by the selected issuer and consideration is conveyed to the merchant in exchange for the merchant providing the product to the user.
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