KOHO, the Canadian challenger bank, has announced a new cashback programme and a new merchant-specific rewards.
Launched back in 2014, KOHO offers a full-service spending account with an integrated app and reloadable Visa card. The challenger bank’s software is powered by Power Corp and Portag3. It is through this platform that the new rewards programme has been launched.
KOHO aims to set the new programme apart by providing customers with easily redeemable and instant in-app cashbacks. Moreover, the PowerUps programme also comes complete with a reference scheme. It gives users one per cent money back for every friend referred to the bank within 90 days. Only up to ten friends can be referred to by one person, amounting to ten per cent cashback in total for 90 days.
“Many Canadians love rewards, but most rewards programs rely on users never cashing them out, or they make it really complicated to do so,” says Aaron Cheng, vice-president of product at KOHO. “We wanted to build a simple rewards program that doesn’t rely on complicated mental math and tons of friction. With KOHO, you get your cashback instantly, and we’re counting on you using 100% of the rewards you’ve earned.”
Customers can also boost their cashback by buying things at KOHO partner merchants participating in KOHO’s merchant programme. This list includes foodora, Greenhouse, and Chefs Plate. The partner merchants offer between 1.5 and 5 per cent additional PowerUps when to people using KOHO card to pay for their consumption.
In 2016, KOHO launched its prepaid Visa card and account offering users 0.5 per cent cashback on all purchases.
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