Value of credit card rewards will exceed nearly $70B in 2023: study

QR coupons will continue to grow especially in China, India, and Africa

credit card rewards

Value of credit card rewards will exceed nearly $70B in 2023: study. Source: shutterstock.com

According to Juniper Research, the value of credit card rewards will exceed $68 billion in 2023. It will be driven by rising competition between providers and the ability to link spending to current loyalty ecosystems.

In fact, the total value of mobile coupons redeemed will increase from $51.6 billion in 2020 to $67.6 billion in 2023, driven by rising QR and app coupon usage.

Along with that, the US is anticipated to remain the largest market for corporate card rewards over the next 5 years. That’s due to the fact that businesses look for ways to optimize cash flow and harmonize corporate spending.

The study also states that memberships of loyalty programs with a digital element will grow from 37 billion in 2020 to 48 billion in 2023 worldwide.

Leveraging digital loyalty is all about understanding customer behavior. In markets where QR payments are gaining traction, loyalty must follow, or it will lose out to more locally appropriate solutions. As such, digital loyalty platforms must be highly agile and channel-agnostic
Susannah Hampton, report author 

We’ve reported that 29% of Americans are turning to rewards balances to help them stretch their budgets and buy the essentials.

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