South Korean tech giant Samsung recently announced that it is launching a new incentive program for its Samsung Pay mobile payment system. Appropriately called 'Rewards', the new program will give Samsung Pay users points every time they use the service. These points can then be exchanged for rewards like gift cards and even Samsung products.

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Samsung said that the Rewards will be a tiered program wherein users will be based on how often they use Samsung Pay. For users that use Samsung Pay for five payments in a month, they will be given the Silver status, which can double their points.

The Gold tier is for users who completed 20 monthly transactions and their points will be tripled. Lastly, the Platinum tiered is for users that have completed 30 monthly Samsung Pay transactions and can quadruple the points they earned, according to The Verge.

Aside from gathering points through completed transactions, the new Samsung Reward has a built-in program that allows users to win instant prizes too, according to Tech Crunch. These prizes will be updated every month, and Samsung added that users can track all their Rewards-related activity directly on their Samsung Pay app.

Samsung said that it plans to roll out Rewards within this week. Some tech and financial analysts said that while banks and other credit institutions have a far more motivating incentive program, Samsung's Reward campaign will pay off to users who have adopted the Samsung Pay method of payment. Moreover, the fact that Samsung Pay is not dependent on a single bank or merchant means that it offers a more flexible type of payment and incentive system.

TagsSamsung, Samsung Pay, samsung pay rewards, incentives, samsung incentive, samsung reward