The new customisable debit rewards feature with the Beem It app is called Beem Rewards, and it's set to give 1.5m Beem customers the potential* to earn cashback on their spend, and receive offers and rewards from small businesses that join the program.
Beem It also now features a “map view” that enables customers to discover which small businesses are making offers and where.
Digital Wallet, through Beem It, explains its plans to build an Australian digital marketplace that "aims to deliver on the unique needs of Australian consumers and merchants, and flourish through facilitating exceptional customer experiences."
Beem It CEO Mark Britt said the rewards landscape was going through significant change and was set for a big shake-up with the new Beem Rewards program.
He added the new feature "is primed for released in the first quarter of 2022 and allows small retailers to create tailor-made offers for their customers through Beem."
Britt continued: “Beem Rewards is a major new capability that propels the much-loved local digital wallet well beyond its renowned core social payments functionality – like splitting bills, keeping shouts civil and paying back mates.
“It helps consumers that opt in to support Aussie businesses and potentially get something back in return.
“After two really tough years, Aussies understand it’s time to back local businesses. Beem Rewards gives businesses a potent new platform to connect with customers and foster better understood relationships.”
Over at the Beem Rewards site, where small business can now register their interest, the company states "Beem Rewards is all about getting you customers and driving them back."
Beem It promises to connect businesses to its 1.5+ million community, of which a large number of billed as millennials and Gen Z users, although let's not forget that older Australians love their rewards, too, and are just as capable of using a payments app and platform as any millennial or Gen Z user.
The company also promises to "promote you through our app and on the web to users that are relevant. You only pay once they pay you."
Frictionless sign-up means a "simple & intuitive sign up process for you & your customers and no additional training or technology required," while businesses are promised "access to measurable results and data insights."
Small businesses wanting to sign up for a trial can now do so here.
The company says its Beem Rewards feature is "built around better experiences for both customers and merchants alike, via offers tailored from both ends to achieve a great fit," and notes "Rewards funds return to a 'jar' within a participating customer’s wallet which can be cashed out to a nominated debit card."
Beem It also advises the following: "Beem Rewards do not have any monetary value. Any value assigned and redemption is at the sole discretion of Digital Wallet Pty Ltd.
"There is no entitlement to Beem Rewards and Beembucks until Digital Wallet has notified the user that their Beem Rewards have a value, the user has accumulated more than AUD$10 in Beembucks notified value and the user has requested redemption, provided Digital Wallet has not given notice cancelling the Beem Rewards Program before that time.
"No personal circumstances have been taken into account in preparing this article. Consider the PDS when deciding whether to acquire or continue to hold this product. Visit the Beem It site to access the products disclosure statement and Beem Rewards terms and conditions."
Meanwhile, Beem It is described as "a social spending platform that provides Australian customers and businesses with a simple way to pay and get paid. The Product Disclosure Statement is available here and the Beem Rewards terms and conditions are available here.
"Since launching in 2018, the Beem It app has obtained more than 1.5 members with 200M connections. More information on Beem It is here."