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Samsung Pay Gets Rewards Program

Paul Rubens - November 15, 2016 - 08:31 AM
Samsung Pay Gets Rewards Program
The company hopes to bolster its Samsung Pay system by offering gift certificates and other perks to users.

(CCM) — Samsung is resorting to offering perks in an attempt to get more people to use Samsung Pay, its smartphone-based payment system that competes with Apple Pay. "We're excited to offer Samsung Pay users a first-of-its-kind rewards program for a mobile payments platform: Samsung Rewards," Samsung executive Nana Murugesan said today in a blog post. Samsung Rewards works like a points-based credit card rewards program, but users will also be able to earn points, miles, or cash back from their card issuer, as well as Samsung Rewards points. Points can be redeemed for Samsung products, vouchers for Samsung.com, Visa pre-paid cards, and gift certificates from various retail outlets. Samsung Rewards will launch this week in the U.S. only.

Samsung Pay was launched in September 2015 in response to Apple Pay, which debuted one year earlier. It now supports over 500 banks and credit unions as well as in-app payments, and next year it will start to support online payments, the company says. It uses Near Field Communication (NFC) technology, like Apple Pay, but it can also use a technology called Magnetic Secure Transmission, which emulates the same magnetic field as a regular payment card's magnetic stripe. This means that retailers can accept Samsung Pay without the need for an expensive contactless payment terminal.

Image: © Samsung.
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