Koreans love saving points. While Americans love coupons, Koreans love loyalty point cards. Everywhere you go in Korea whether it is a movie theater, shopping malls, or restaurant, they will ask for a loyalty stamp card. Korean startup Spoqa which was founded by co-CEOs Grant Sohn and Richard Choi, has been helping stores that deal with food and drinks get rid of the loyalty stamp cards which can easily be lost and a pain to store.
Restaurants and coffee shops in Korea offer loyalty stamps but many customers have complained about misplacing their cards and end up having many of the same loyalty cards from the same restaurant or coffee shop. No, they will not allow you to merge them together. Once a card is fully completed, the customer can exchange it for a free item or a discount. Spoqa looks to make this process as simple and easy as possible.
So how does it work? Spoqa will install tablets at the restaurant or stores. All the customer has to do is input their phone number. He or she will accumulate points which they can exchange for free items. No apps or registration is required. No need to carry around cards in your purse or wallet. All they have to remember is their phone number. Currently, Spoqa is being used by over 12 million customers in Korea. The tablets are installed in over 10,000 stores/restaurants. This is a much easy way of dealing with loyalty cards that The Smart Wallet app which requires the user to download the app and have the retailer scan a bar code.
Spoqa recently partnered with Kakao to help merchants connect with their loyal customers. Spoqa has raised $10 million in funding and has already expanded to Japan.
Saving points in South Korea is rewarding and now it is getting a lot easier. Soon there will be no need to answer those follow-up questions after paying, all you will need to do is input your phone number and the rest is taken care of.