Merchant - Paid Rewards Market: Promising Growth Opportunities & Forecast
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.
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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.
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. Merchant-paid rewards comprise schemes and programs that persuade consumers to swipe their debit cards (rather than credit cards) with the lure of discounts, freebies, and cash-back options.
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.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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