As a SaaS platform, PayPerks provides education in multiple ways. One is cartoon-based education, where its adept team of illustrators presents engaging lessons through animation for learners. At the end of the session, users need to answer specific questions. They get points for every correct answer that gradually leads them toward an exciting prize. Additionally, PayPerks can personalize training and education based on its bank partners' customer base. For instance, the company can offer personalized financial education for a particular consumer to lower unnecessary ATM transactions.Besides, the platform creates dial, a rewards program for cards, where the users earn points not on speeding dollars but on things like the number of times the individual checks his balance on the app, the number of times he used new features, checking deposits, and more. "We have created different kinds of reward mechanisms and couple that with select strategic marketing services for a holistic approach," points out Jake Peters, the CEO, and co-founder at Payperks.
Moving forward, the company brings forth a decade of experience in improving the financial health of its millions of users to power the education, gamification, and rewards functionality of the smiONE™ Visa® Prepaid Card.
This new approach created value for both the prepaid debit cardholder and the card provider, driving awareness and understanding of card basics, better usage of advanced card features, budgeting and savings, safety and security, and other financial capability skills while helping the card provider improve the program's top line and bottom line through optimization, loyalty, and enhanced servicing.
By speaking to end-users for hours, we understand the devices and the unique daily challenges that they face. This enables us to tailor our tutorials addressing their needs
Thus, SMI plans to integrate the functionality of the PayPerks platform directly into its smiONE Card product, bringing the same education and rewards solutions to its 1.9 million cardholders. Embedding the PayPerks solution into the card experience will benefit not only SMI and its cardholders but also SMI's government partners who are looking for innovative solutions to make a positive impact on their constituents.
Next, the company has planned to explore new formats to communicate its message with end-users to bring diversity to its financial literacy curriculum. "We have ten years of experience working with low-income consumers and have spent a lot of time thinking about how to communicate complex messages. By speaking to end-users for hours, we understand the devices and the unique daily challenges that they face. This enables us to tailor our tutorials addressing their needs," adds Peters. As such, the company will keep working toward achieving its goal of creating value through education, engagement, and behavioral change in the finance arena and other sectors