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. They want to convince customers it is time to leave the credit card at home. The Samsung Pay Rewards program will fast track our transactions and we can paywave 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. Why? They fear security meltdowns and the loss of their hard earned dollars. Skimming techniques used by cyber criminals are rife in society today. But, as Forbes magazine noted, “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 on Android device? Will having Samsung Pay Rewards convince you to go card-less? Remember, years ago you decided to go cash-less!
What are some valid concerns that may worry users?
“I lose my phone, and the person who finds it, goes on a spending spree with the touch-and-go technology.”
“What if my bank balance is exhausted or my credit card gets maxed out?”
Hey, if you lose your physical wallet, the same thing can happen. In today’s technology, one phone call to your bank can shut that card down. There are so many for security protections than in days gone by.
My bank contacted me a few years back to query a 1c transaction that someone tried. It was from an unusual source, hence the bank’s query. It shut down the card.
It’s in a bank’s best interests to continue to develop credit card security, including the encryption of digital wallets like Samsung Pay. As these payments methods become more acceptable, we will all wonder why we weren’t using it earlier.