At the Money 20/20 conference in Las Vegas last October, Samsung expressed their intention to turn Samsung Pay into a mobile wallet that, on top of payments, is also about convenience and loyalty benefits.
Samsung already implemented part of the convenience part by enabling users to store more than just traditional payment cards in the mobile wallet, and consequently making it more flexible. This also includes the ability for users to add gift cards, loyalty and memberships cards.
At Money20/20, Samsung announced the availability of a nearby feature that gives consumers the opportunity to benefit from discounts wherever they go, as vice president Haley Kim said.
Samsung Pay took another step forward with its announcement of the upcoming availability of a system-specific loyalty program called Samsung Rewards.
Samsung Pay users enrolled in the rewards program will earn points for every transaction they make, and eventually will have the chance to redeem their points for gift cards, prepaid Samsung Rewards cards, Samsung products and more.
Samsung will launch the loyalty program by the end of November.
Samsung Rewards is structured like a typical credit card rewards program, with a few extra bonuses. In fact, Samsung Rewards will also feature user tiers.
For example, a user who completes five Samsung Pay transactions within one month will achieve “silver” status and earn twice the amount of points for each transactions made through Samsung Pay. Twenty monthly transactions will lead to “gold” status, which awards triple points; 30 monthly Samsung Pay transactions will put users in the “Platinum” tier earning quadruple points, according to the announcement.
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