It is commonplace for most North American consumers to use their debit and credit cards for most of their daily financial transactions, and the Toronto-based Drop app allows for consumers to gain some financial rewards in the process.
The Drop system is simple, with consumers signing up on its app which allows them to link their debit or credit cards. They start off with 100 points, and earn points for each purchase they make on their card per day. Over time, the app will reveal to its users how much closer they are to the various awards it offers – with everything from events, restaurants and shopping experiences being something that users of Drop can work towards. The brand is part of the business accelerator ‘Highline’s’ portfolio.
For the foreseeable future, it will almost always be the case that consumers use their debit and credit cards on a regular basis, and Drop’s partnership with various brands allow for consumers to use them in a way where they can receive financial rewards in the process.
Whether it motivates consumers to spend more or simply functions as a reward for those who spend consistently, Drop gamifies the inevitable process of daily financial transactions in a way that ensures that consumers have little reason not to sign up.
Financial Reward Systems
The 'Drop' App Gives Users Points Based on Their Purchases
Trend Themes
1. Gamified Rewards System - The 'Drop' app gamifies daily financial transactions by offering points and rewards for purchases, motivating consumers to spend more and consistently.
2. Debit/credit Card Linking - 'Drop' app provides a simple and efficient method for consumers to link their debit or credit cards and start earning rewards points for their purchases.
3. Brand Partnership for Rewards - 'Drop' app leverages brand partnerships to offer a variety of rewards, providing users with a range of experiences to work towards.
Industry Implications
1. Financial Technology (fintech) - 'Drop' app falls under the FinTech industry as it disrupts traditional financial transactions by providing a unique rewards system that gamifies spending experiences.
2. Retail - 'Drop' app is disrupting the retail industry by collaborating with brands to provide users with exclusive offers and experiences based on their spending habits.
3. Mobile App Development - 'Drop' app is an example of how mobile app development is disrupting traditional business models by leveraging technology to create new customer engagement and reward systems.