Point Debuts New Challenger Bank with Rewards on Debit Card Purchases
Grace Mahas — July 6, 2020 — Business
References: point.app & techcrunch
Point, a new American banking app that gives consumers points for using their debit cards, recently announced a new version of its service. The new concept aims to mimic the experience of a credit card with rewards and a point-based system and is especially alluring to users wishing to avoid a credit check upon sign up.
With every transaction, users will receive points. Users receive twice the points for groceries and dinging and five times the points for subscriptions like Netflix or Spotify. Each point is worth $0.01 and users can move the funds from the third-party app Plait directly into their Point checking account, or other payment apps including Venmo and PayPal.
The official launch of Point was so well received by consumers, there is currently a waitlist to sign up with the banking app.
Image Credit: Venmo
With every transaction, users will receive points. Users receive twice the points for groceries and dinging and five times the points for subscriptions like Netflix or Spotify. Each point is worth $0.01 and users can move the funds from the third-party app Plait directly into their Point checking account, or other payment apps including Venmo and PayPal.
The official launch of Point was so well received by consumers, there is currently a waitlist to sign up with the banking app.
Image Credit: Venmo
Trend Themes
1. Debit Card Rewards - Opportunity for banks and financial institutions to offer rewards programs on debit cards, simulating the experience of credit cards.
2. Point-based Systems - Potential for businesses to implement point-based systems to incentivize customer loyalty and increase engagement.
3. Seamless Payment Integration - Opportunity for payment apps and third-party services to integrate with banking apps, allowing users to easily transfer funds and manage their accounts.
Industry Implications
1. Banking - Potential for traditional banks to adopt debit card rewards programs and point-based systems to attract and retain customers.
2. Retail - Opportunity for retailers to partner with banks to offer exclusive rewards and promotions to customers using debit cards.
3. Fintech - Fintech companies can explore opportunities to develop seamless payment integration solutions that enhance user experience and convenience.
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