The merchant-paid rewards market is expected to rise considerably as more and more consumers shift towards using debit cards instead of credit cards. The research report on the merchant-paid rewards market shines light on factors that will influence this market in the years to come. Our analysts study factors that are compelling consumers to choose debit cards more extensively, and the opportunities that will emerge in the merchant-paid rewards market from this shift. Findings of the report indicate that the market for merchant-paid rewards will rise in the years to come.
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Our analysts explore each segment within the merchant-paid rewards market in great detail, offering insight into untapped opportunities. This report is a useful resource for marketing professionals, consumer research departments of leading organizations, and for retail chains, among others.
The report maps recent developments in the merchant-paid rewards market, and outlines the scope for future expansion and growth. It also offers recommendations that will support the growth and expansion of both new and existing entrants in the merchant-paid rewards market. This research report relies on proven primary and secondary research methodologies, and gleans through multiple industry databases to emerge with the most pertinent data.
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Overview of the merchant-paid rewards market
The number of debit card users has witnessed a surge in recent years, as consumers try to rein in their usage of credit cards to manage their finances better. Many consumers report that they tend to spend extra under the ‘buy now, pay later’ concept. On the other hand, using debit cards allows users to keep track of their expenses and the balance in their accounts. This consciousness on the part of consumers has led to the proliferation of merchant-paid reward programs.
The success of merchant-paid rewards programs has led many users switching to debit cards – a change that has proven beneficial to banks as well as consumers themselves. For banks, it helps bring down the cost of transacting, helps create greater revenue, fosters customer loyalty, and brings down reliance on interchange fees. Consumers benefit via free reward points and other freebies offered to them when they use debit cards.
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However, merchant-paid rewards programs may boomerang if they are not executed properly. In many cases, they may prove ineffective and lead to the entire program folding. Currently, the competition for gaining a greater share of consumers’ wallet is fierce. A number of firms have already taken cognizance of the opportunities offered by the merchant-paid rewards market, and have made a foray into this sector.
Thus, creating innovative cash-back programs and value schemes could be a way to navigate through this increasingly complex market.
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