New Clearpay loyalty programme "encourages responsible spending"
Pulse Rewards is a new loyalty programme for good payers launched by Clearpay. The buy-now-pay-later financier claims its “unique programme encourages responsible spending, by offering benefits to customers who make on-time payments”.
Also launched in the US, Australia and New Zealand in 2020, eligible UK customers will receive an email inviting them to join the programme, available only in the Clearpay app.
The programme includes several benefits to customers who pay back on time on purchases of over £25, including exclusive offers at participating retailers including JD Sports, Boohoo, Pandora, The Fragrance Shop, and Gymshark, among others; increased payment flexibility; and the ability to buy gift cards from top participating brands.
Clearpay claims Pulse Rewards enables retail partners to reach the world’s most valuable consumers — highly engaged, high-frequency Millennial and Gen Z shoppers.
The programme also takes into consideration changes in Britons’ spending habits during the pandemic “as they increased their use of debit cards, built up savings, cleared debts and relied less on credit cards”, said Clearpay.
“Millennials, which account for nearly two thirds of Clearpay’s users globally, are driving the shift for more flexible payment options and relying less and less on credit cards and point-of-sale loans”, the company added.
It also claims 96% of transactions by Clearpay’s UK customers never incur a late fee. “By offering benefits through Pulse Rewards, Clearpay is rewarding consumers for paying in a way they prefer, and encourages them to avoid the use of loans with interest, fees and revolving and extended debt”.
Nick Molnar, co-founder and co-CEO of the firm, said: “Until today, loyalty programmes across our industry have encouraged excessive spending — leaving no options for those shoppers who want to spend responsibly and avoid expensive fees and extended debt.
"We built Pulse Rewards to fulfil a need and offer a programme in which both consumers and retailers benefit. This approach is fundamental to our mission and values as a company to encourage financial wellness and power an economy where everyone wins”.
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