Santander delivered 110 million pesos through its rewards program

Loyalty programs for rewards in financial institutions are gaining popularity, the significant reimbursement of purchases through means of payment such as cards facilitate their implementation.

Proof of it is Santander Bankwhich through its “Cash Back Baby!” rewards program, announced that it would return more than 110 million pesos to 2.1 million customers who made purchases using payroll and credit cards LikeU.

The bank’s rewards program was launched a month ago, so this is the first figure the bank has announced, on reimbursement. According to Santander, the reward works through a notification to the client and the receipt of the reward that is notified immediately.

The bank referred in a statement that “unlike the loyalty programs that exist in the market, which cover only some establishments or are temporary, this is the first to be recurring, covering all the daily expenses that the client makes within the amount limit, without minimum amounts, and with the possibility of disposing of the money accumulated in your account no later than the 15th day of the following month in progress”.

Previously Joaquín González, co-founder of Reworth, commented that the use of data seeks to improve the offer of products and create loyalty in users of financial services, explained that rewards based on reimbursing the user a percentage of their purchase directly to their credit card Debit cards are positioned as a fundamental tool to generate a greater number of transactions.

“All this transactional data of the cards, there it is, but nobody makes it actionable, or no benefit is obtained from it, based on that information we can find the user’s consumption behavior and offer personalized rewards,” said González, who also is Director of Product and Growth at Reworth.

Favorite of millennials and generation Z

In addition, González pointed out that the cashback it is the most suitable reward for generations such as millennials and generation Z, since they find more value and because they are better adapted to solutions that require less investment of time and provide greater benefits.

“I’m going to pay something and I want my reward, I don’t want to download the same application 10 times and register several times. What this segment is looking for is to simplify all that and have most of the benefits with the same payment option,” said González.

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