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