Rewards Program Doubles the Daily Users of Samsung Pay
The number of daily users of Samsung Pay has almost doubled since the launch of Samsung Pay Rewards, according to Samsung’s Vice President Nana Murugesan.
“We are seeing that people are more likely than ever before to try mobile payments – with the number of daily users doubling every week since the launch of Samsung Rewards – thanks to the tangible benefits they experience,” said Murugesan at the 2017 Consumer Electronics Show.
Just last month, the company added a loyalty points program to its mobile wallet similar to what you might expect from a rewards credit card. Users are categorized into tiers based on how often they use Samsung Pay. The more transactions they make, the more rewards they earn per transaction. These rewards are in addition to the points they already earn on cash back cards, travel cards and store cards.
December 2016 set a record for the highest number of transactions processed through Samsung Pay, but that was most likely the result of high spending during holiday shopping. Nevertheless, this could mark the beginning of a tremendous growth spurt for the mobile wallet.
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.