Digital Payments

Samsung Pay Adds Samsung Rewards To Payment Service

On Thursday (April 12), Samsung Pay, the digital payment unit of Samsung Electronics, debuted Samsung Rewards, which gives users reward points every time they use the Samsung Pay mobile payment service to make purchases.

According to news from BGR, with the program, it doesn’t matter what the Samsung Pay customer purchases with his or her mobile device. The points can be accumulated and redeemed. BGR noted that in India, Samsung Rewards works both with Samsung Pay and Samsung Pay Mini. The rewards can be earned on credit and debit card transactions, payments made via BHIM-UPI, digital wallets, bill payments and recharges, noted the report. Users are also able to earn so-called Accelerated Rewards and bonus points via various campaigns that will run periodically. The rewards are broken down into Silver, Gold and Platinum tiers. The more payments made with Samsung Pay, the quicker users move up in ranking.

Samsung Rewards isn’t the only thing the South Korean consumer electronics giant has added to its digital payment service over the past few months. In November, Samsung Pay announced it will now offer money transfer services at some Korean banks. According to news from The Investor, starting on Dec. 14, Samsung Pay users were able to withdraw or transfer money from Shinhan and Woori bank accounts. The app already provides ATM deposit and withdrawal services at 10 banks, including KB Kookmin Bank, through biometrics without an official certificate or one-time password.

“Previously, when you registered an account on the app, you could only make deposits and withdrawals from ATMs. However, you can now transfer money by just utilizing the app,” said a Samsung official. In addition, five banks — including the Industrial Bank of Korea, NongHyup Bank and Saemaul Bank — will begin ATM deposit and withdrawal services through its Samsung Pay Mini app for Android OS smartphone users.



About: Accelerating The Real-Time Payments Demand Curve:What Banks Need To Know About What Consumers Want And Need, PYMNTS  examines consumers’ understanding of real-time payments and the methods they use for different types of payments. The report explores consumers’ interest in real-time payments and their willingness to switch to financial institutions that offer such capabilities.