We all know that rewards programs can go a long way in terms of getting and keeping customers’ interest, and given the growing numbers of platforms available for users to put to work, a competitive advantage is downright vital.
Samsung Pay recently stepped up its own options in rewards programs by offering a new version that draws on the rewards programs of the past, presenting a credit card-style rewards program that depends on points.
Samsung is calling this a first of its kind affair, reports note, and better yet, the rewards programs actually stack. What that means is that those who use a credit card that has a points-based reward system will get points on that program, and will also get points allocated to Samsung Pay’s rewards program.
That’s a great reason to look at Samsung Pay a little closer, but word is that Samsung had a particular target in mind with this approach: debit card users.
Most times, debit cards don’t come with a rewards program. Why would they? These are just a means to spend your own money a little more conveniently, little more than a new way to access a savings or checking account.
Why offer points rewards for this? With credit cards, it’s different; this is a small-scale loan that the borrower takes out, sometimes carrying balances for years and paying extra for the privilege.
For Samsung to step in and offer a rewards program for debit card users, meanwhile, should give it a real leg up in the market. Not only is usability nearly universal, but adding a little extra value to the process suddenly makes it worth considering.
Though the rewards are mostly gift cards, the idea that one could get a free drink or a free pizza simply for spending money that likely needed spent anyway is likely going to tempt a lot of potential users.
This first of its kind effort could be the start of a much greater movement, and if that’s the case, there could be plenty of holdouts making the jump to a mobile payment system, even where they don’t necessarily have a phone that will handle the job.