Mobile payments are becoming the new norm all over the world, yet the concept lacks some significant features. Loyalty and reward points have not been issued when making a mobile payment just yet. Samsung Pay is looking to address that problem, as they rolled out a rewards program for US users. It is expected that this solution will be made available to the rest of the world as well.
Samsung Pay Takes Mobile Payments One Step Further
From a convenience point of view, solutions such as Samsung Pay will gain mainstream traction without a doubt. While they are held back by the lack of bank participation on a global scale, it only seems to be a matter of time until that situation changes. Now that Samsung Pay offers a point-based reward system, it is important for financial institutions to keep an eye on these developments.
Samsung Pay is taking the straightforward approach similar to other point-based loyalty schemes. US customers will receive incentives to make use of this payment option for as many purchases as possible. That also means that this new feature can only be used wherever Samsung Pay is accepted in the US.
Once a user has started collecting points, they can consider redeeming them for Samsung products. It is equally possible to purchase Samsung.com vouchers, prepaid card values, and even gift cards for some of the US’s leading retailers. This is quite an impressive lineup for a new system that has only just launched.
To make the deal even sweeter, Samsung Pay users will automatically be entered in prize giveaways called “Instant Wins”. At present it appears that the prizes include trips to Las Vegas and other prominent locations across the US. Limited-time bonus offers will also be introduced through partnerships with select retailers and small businesses.
Samsung Electronics US General Manager Nana Murugesan told the media:
“The more you use Samsung Pay, the more points you earn. Samsung Rewards has loyalty tiers with point multipliers–you can earn double, triple, or even quadruple points, depending on how often you use the service each month. Anyone who joins Samsung Rewards in November or December, for example, will receive double points on purchases made in those months.”
This news highlights one of the important aspects of shopping often overlooked by mobile payment providers. If new solutions are to gain mainstream traction, potential customers need be incentivized to switch over from other payment tools. Samsung Pay is on the right track to do so, even though the road ahead is still long.
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