Let’s face it. We are well and truly in the mobile technology age where we can use our smartphone for everything. Samsung, makers of premium smartphone technology (except that Note 7 thing), have launched a new rewards program, Samsung Pay Rewards, to convince customers it is time to leave the credit card at home and use Samsung Pay to finalize all purchase transactions. Samsung Pay Rewards program is designed to seal the deal and get us all to pay wave our way to shopping satisfaction.
How will Samsung Pay Rewards work? An article this week in Fortune magazine discussed this in greater detail. Here is an excerpt of that discussion.
“Samsung announced on Tuesday a new enticement to woo consumers through a rewards program similar to the credit card industry’s favorite perk.
Under the new rewards program, people who use Samsung Pay will rack up points that can be redeemed for Samsung products, prepaid Visa cards, and gift cards to other retailers. Samsung Pay is only available on Samsung smartphones released in the past few years. But unlike most other programs, it can work with both wireless checkout terminals and older terminals requiring a magnetic card swipe.
Unlike typical credit card rewards programs, Samsung points are not earned per dollar spent but per transaction with the amount of points awarded based on a multi-tiered schedule. People who make up to five transactions in a month will receive 10 points per transaction moving all the way up to 40 points for the 31st transaction and beyond in a month. Points will expire after one year.” – Fortune magazine, November 15, 2016
Obviously the question a lot of consumers have about Samsung Pay is about personal security. Many smartphone users are afraid of this new digital payments system since they fear security meltdowns and the loss of their hard earned dollars through skimming techniques used by cyber criminals. But, as Forbes magazine noted in reviewing Samsung Pay, “Samsung Pay uses digital tokenization, its Samsung KNOX security framework and fingerprint authentication to secure all payments made through the system.”
How do you feel about using Samsung Pay with your Android smartphone? Will the addition of Samsung Pay Rewards convince you to go card-less, just as years ago you decided to go cash-less? What are some of your concerns about this? An argument may be that if I lose my phone, and someone finds it, they can go on a spending spree with the touch-and-go technology. Are you having nightmares about your bank balance being exhausted and your credit card maxed out? Hey, if you lose your wallet, the same can happen to you. The great thing about today’s technology is that if you lose your wallet, be it a physical or digital, one phone call to your bank can shut that card down. My bank contacted me a few years back to ask about a 1c transaction that someone tried to use my credit card for. It was from an unusual source and so the bank queried it and shut down the card.
It is in a bank’s best interests to continue to develop credit card security, including the encryption of digital wallets like Samsung Pay. As time goes by and these payments methods become more acceptable, we will all wonder why we weren’t using it earlier.