The mobile payments industry is a huge revenue stream and the competition is understandably fierce. Apple Pay, Google Pay, and Samsung Pay may lead the pack, but the latter hopes to stand out, with a new Cash Back scheme. Samsung Pay already have a few key advantages over its competitors, with both NFC and MST compatibility being the most significant one. Now the latest addition only makes it stronger.
Samsung has announced a new Cash Back program for those making purchases through Samsung Pay. Users will soon see a Cash Back section in their app, giving them a percentage of money back on purchases. The section is, in fact, already available in the Samsung Pay app version 2.8.31 in the US (download from APK Mirror). Tapping on it takes you to a list of offers from various partner retailers. Among the list of partners are Walmart, Groupon, Booking, CheapOair, eBags, eBay, Etsy, Hotels.com, Hotelstorm, Jet, Overstock, SeatGeek, and TicketMaster. Select an offer and make purchase with that merchant to get a percentage of your purchase price back.
"Our mobile wallet strategy is all about offering more choices for consumers and more opportunities for merchants. Cash Back creates a new channel for merchants to reach and reward consumers who are looking for great deals," Samsung said in a statement.
Though most of the retailers are offering a cashback of around 5%, it's still a money you would've spent otherwise. The money you get back can be used to make another purchase on Samsung Pay. However, there's still one caveat, as you need to transfer those funds to a Samsung Rewards Card first. It won't be directly credited in to your primary Samsung Pay account.
Samsung isn't stopping here though. Starting later this month, Samsung Pay users will be able to purchase Samsung Rewards points as well. So if you're a few points away from that Gear S3 smartwatch, you can buy those points instead of making an unrelated purchase for the sake of points.