SnapCoin Is Set to Revolutionize The Deals and Promotion Scene to Improve Users’ Experiences

• Consumers pay as low as 50
  cents up front and the rest upon redemption
• Commission free and zero
  interference between customers and merchants

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SINGAPORE - Media OutReach - 16 November 2018 – When
you ask any millennial consumer, what is their biggest worry living in this
era, most would tell you money or a lack thereof is their first and foremost reply.
 As the costs of living rises every day
in Singapore, the younger generation are turning to deals and promotions
platforms to reduce their spending. These platforms usually provide vouchers
and deals that allow them to purchase goods and services at a discount, leading
to bigger savings.

23-year old graduate
from Singapore Institute of Management, Stanley Chia De Xian, realized that
although there are many competing platforms in the market, they do not really
cater specifically to the younger crowd.

The
biggest difference between SnapCoin and other deals and promotions platforms
are consumers only need to spend as low as 50 cents to purchase a deal, with
the remainder being paid only when they are ready to redeem it. This method of
redemption appeals to the young and savvy crowd as they are more meticulous
when it comes to their expenditure.

Stanley shares, ‘The idea
for SnapCoin was born during a chance encounter. A friend of mine was
complaining that she was unable to get a refund for an expired deal which she
had purchased earlier. This got me thinking that a number of people actually
suffer the same fate, of impulsively buying deals which they end up not having
the time to enjoy as they fail to redeem it within the given time frame.

The team behind
SnapCoin decided to create a mobile app to address this problem. To use the
app, customers will have to purchase SnapCoins and use it to redeem the deals.
After purchasing a deal on the app, all they will need to do is to show it to
the merchant when they head down to the retail outlets and they will be able to
enjoy the promotion stipulated.

An added benefit of this
application is that SnapCoin does not charge any commissions or interfere with
the payment process between customers and merchants. “I have friends and families
who are merchants themselves and thus can empathize with merchants who wants to
keep things simple.” This further allows both
parties to benefit without having to pay a third-party transaction fee.

The heart of the matter

A pen, a blank notepad
and a group of likeminded individuals was all it took to start this venture. Like
other bootstrapped entrepreneurs, they fondly recall countless sleepless nights
in the office, eating cup noodles, and occasionally sleeping on the floor after
burning out. ‘It was a BMT for business,’ laughs Stanley, ‘80% of our initial
ideas were replaced and everything that remained were adaptations.’

SnapCoin currently has
500 merchants onboard and are optimistic about their growth going into 2019.
Initially a team of 4, they have grown exponentially to a current count of 24
now, mostly made up of millennials themselves. Through prioritizing user and
merchant experiences with the platform, the team is starting to see their
results materialize which is proving to be crucial as some took the plunge
joining with lower salary and job instability.

The dream team at
SnapCoin has huge plans for the future. ‘We’re thinking of including a loyalty
system in our app that will help merchants manage their loyalty programs while
helping customers save more. It’s a natural fit,’ Stanley adds. Such a system
would reward users who make repeated visits to a merchant, allowing them to
gain additional discounts or unlock freebies for their loyalty. At the same
time, merchants will be able to access analytics and statistics for their
customers.

For more information, do
head over to www.snapcoin.sg
to find out more.