Global Reward-based Payment App Market Size to Reach USD 6.26 Bn by 2031, With a Sustainable CAGR of 7.2%| Growth Market Reports

PUNE, India, May 22, 2023 /PRNewswire/ -- According to a recent market study published by Growth Market Reports, titled, "Reward-based Payment App Market" by Reward Types (Cashback, Discounts, Gift Coupons, Coins, and Loyalty Points) and Regions: Size, Share, Trends, and Opportunity Analysis, 2023-2031, the market was valued at USD 3.53 Bn in 2022 and is projected to reach USD 6.26 Bn expanding at a CAGR of 7.2% by the end of 2031. The market growth is owing to the extensive use of mobile banking, the wide availability of different payment gateways, and the rising implementation of loyalty points offered by merchants mainly associated with online payment methods.

New Developments

On April 17, 2023, a credit card payment application, CRED announced the UPI-based peer-to-peer payments to create an elevated UPI experience for members. CRED UPI P2P can let users have access to a trusted and rewarding payment experience when they 'pay anyone'.

Key Market Players Profiled in the Report

• Shopkick
• Smile Inc.
• Twid
• Cred
• Matellio.co.uk.
• Say2B
• Spendgo, Inc.
• PassKit, Inc.
• Fivestars

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The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include reward types and competitor analysis.

This report also includes a complete analysis of industry players and covers their latest developments, product portfolio, pricing, mergers, acquisitions, and collaborations. Moreover, it provides crucial strategies that are helping market players to expand their market share.

Highlights on the Segments of the Reward-based Payment App Market

Based on reward types, the global reward-based payment app market is divided into cashback, discounts, gift coupons, coins, and loyalty points. The loyalty points segment accounted for a key market share in 2021 and is expected to expand at a rapid growth rate during the forecast period. The segment growth is attributed to the wide implementation of loyalty points offers by several merchants including brick-and-mortar stores.

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In terms of regions, the global reward-based payment app market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America held a dominant market share in 2021 and is expected to dominate the market during the projected period. On the other hand, Asia Pacific is projected to hold a substantial market share in the coming years.

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Key Takeaways from the Study:

• Rising consumers' preference for online shopping and the massive surge in the use of digital payment modes among customers are key factors boosting the market.
• The emergence of numerous e-commerce platforms during the COVID-19 pandemic accelerated the expansion of the market.
• Customers received a range of financial benefits in the form of different rewards such as cashback or heavy discount offers for buying products from online retailers.
• Businesses mainly use loyalty point programs, as a key marketing tool to retain the existing customers and attract new customers, which urges them to return to the same store or platform for their next purchase.
• The rising offering gift coupons from merchants to retain their customers using the same store or online platform. Furthermore, sending gift coupons to friends, family, and relatives on several festival occasions presents a key aspect of the market.
• High penetration of the internet and the rising number of smartphone users globally facilitate access to reward-based payment methods.
• North America remains a major region that dominates the market due to the presence of online users and wide acceptance of reward-based payment services across online platforms and offline stores.
• Asia Pacific has emerged as a key market destination and the market in the region is witnessing several growth potentials for reward-based payment apps owing to the increasing use of mobile banking and other payment methods, impacted by the presence of a large pool of smartphone users in the region.

Read 176 Pages Research Report with Detailed TOC on "Reward-based Payment App Market by Reward Types (Cashback, Discounts, Gift Coupons, Coins, and Loyalty Points) and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast, 2023-2031"

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Key Segments Covered

Reward Types

• Cashback
• Discounts
• Gift Coupons
• Coins
• Loyalty Points

Regions

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

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