Samsung’s recently launched reward program for Samsung Pay is aimed at generating the habit of using the functionality to pay, tying the number of points earned in a given month that put the consumer within a tiered system of eligibility for prizes, and are awarded in addition to the loyalty and rewards programs delivered through the payment cards used via Samsun Pay. The agnostic nature of the Samsung Pay rewards program has also had some unintended beneficiaries, according to the author.
Consumers aren’t the only ones benefiting from Samsung Pay Rewards. Credit unions can now use this program to offer incentives for debit card users. Most debit cards do not come with rewards programs, and those that do still cannot compete with the loyalty systems offered on credit cards. Now credit unions can tell their customers to use Samsung Pay Rewards to earn points for their debit card purchases. Samsung handles all of the prizes and rewards calculation. The credit union simply has to make sure their cards are compatible with the mobile wallet.
The greater level of flexibility in what payment cards may be entered into Samsung Pay provides another instance of differentiation with less choice of card issuer in Apple Pay functionality. For those consumers that prefer Debit for day to day smaller transactions, the frequency of use generating points coupled with a debit card seems a perfect fit.
Overview by Joseph Walent, Associate Director, Customer Interactions Advisory Service at Mercator Advisory Group
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