The mobile payments market is a fiercely competitive space nowadays, owing to Apple Pay, Google Pay, and Samsung Pay. The Korean company hopes to stand out, however, thanks to a new cash back scheme.
Samsung Pay users will soon see a Cash Back deals section in their app, giving them a percentage of money back on purchases, the company announced.
How does it work?
The Cash Back feature is limited to specific deals from prominent retailers, Samsung explains. Users simply need to click on the desired deal in the Cash Back section, then complete the purchase at the retailer to receive a percentage back.
Samsung adds that users can spend the returned cash "anywhere they use Samsung Pay". However, the company has one caveat, as you need to transfer those funds to a Samsung Rewards Card first. In other words, it doesn't seem like you get the percentage back into your bank account/primary Samsung Pay account. We've contacted Samsung for clarity in this regard.
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The company isn't stopping there either, as users will be able to purchase Samsung Reward points later this month. 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.
Samsung isn't the only mobile payment player to provide incentives, as Google is currently running a referral promotion for Google Pay. The promotion allows you and a friend to earn $10 for each referral to Google Pay. The promo has a $100 cap and ends on May 14.
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