Friday, July 26, 2024
Rift, established less than two weeks ago on July 15, 2024, launched an online marketplace where merchants can shop for payment service providers. The company was co-founded by Stephen Martin and his son, Colin Martin, who serve as CEO and COO, respectively.
About this new marketplace, Stephen Martin said, "My son, Colin Martin, a University of Texas at Austin student, asked me a pivotal question: 'Dad, how can we do something in AI? That is the future. I have friends who understand machine learning and AI. Is there anything we can do in credit card processing?'
"Having left the industry in 1999 to start a food services company, I had a fresh perspective as an outsider looking back into an industry that gave me the 'ah-ha' moment. This led to the idea for Rift. We envisioned the first AI-powered payment marketplace, designed to help merchants save time and money on their payment processing. Inspired by the Lending Tree model but tailored for the payment processing industry, our platform offers a superior user experience utilizing blind bids to ensure the best rates."
About its services the new company stated it offers a "transparent, cost-saving solution" for merchants seeking competitive rates on payment processing: customers served so far, 500; average customer savings, $700; total customer savings, $50,000; and 20 verified processors. To apply to be a processing partner, see riftpayment.com/customers/register/.
Samsung made a bold entry into the wearable technology market with its new Galaxy Ring, unveiled at the recent Galaxy Unpacked event. The Galaxy Ring, designed to integrate with Samsung's AI-enhanced ecosystem, aims to bring health and fitness tracking to a new level of convenience and style. Smart rings, which utilize small sensors to monitor various health metrics, have so far been a niche product. However, Samsung's foray into this market could popularize these devices among mainstream consumers.
Analysts like Ben Wood from CCS Insight note that while the smart ring market is currently small compared to smartwatches, Samsung's influence could help expand its appeal. The Galaxy Ring tracks essential health indicators such as heart rate, sleep patterns, and menstrual cycles. It is designed to work with Android phones running version 11 or above and integrates seamlessly with the Samsung Health app.
The Galaxy Ring's launch has sparked discussions about its potential to rival existing products like the Oura ring, which has dominated the market. James Kitto, Samsung UK's mobile division head, praised the ring as the company's smallest and most discreet health-tracking device yet. Despite its fewer sensors compared to smartwatches, the ring offers a less intrusive alternative for users who prefer not to wear a bulky device.
However, concerns about data privacy persist. Dr. Efpraxia Zamani from Durham University cautions that integrating the Galaxy Ring into a broader ecosystem raises questions about how health data is collected and used. Users are advised to remain vigilant about data privacy while enjoying the benefits of Samsung's latest innovation.
Tom Lenihan, Director of Marketing at MuchBetter, adds a critical perspective, pointing out that while the Galaxy Ring and similar devices offer impressive health tracking features, they fall short in the payment convenience provided by MuchBetter's battery-free payment ring.
British sandwich and coffee shop Francise Pret A Manger made significant changes to its popular Club Pret subscription service, which has been offering customers up to five barista-made drinks a day for £30 a month since 2020. Starting in September, Pret will replace this deal with a new offer of five half-priced drinks a day for £10 a month, while removing a 20 percent discount on food that was part of the original subscription.
The move comes as Pret seeks to simplify its offerings and improve accessibility. The current subscription allowed customers to save significantly on their daily coffee intake, making it a hit among subscribers. However, the new plan means that while the monthly cost will drop to £10, the overall savings will be reduced. For example, under the new plan, a customer who buys a £3.90 latte at half price would end up paying significantly more monthly compared to the current £30 subscription.
Pret's UK Managing Director, Clare Clough, explained that the new pricing structure is aimed at making the subscription more accessible, with an initial price of £5 a month for existing and new subscribers until March 31, 2025.
The announcement sparked mixed reactions from customers. Some are frustrated by the reduction in savings and the loss of food discounts, while others see it as a fair adjustment in the current economic climate. Critics argue that the frequent changes to the subscription model have eroded its initial value, making it less attractive over time.
Magda Schmid-Debska, head of marketing and communications at PXP Financial, highlighted the broader trend of increasing consumer interest in brand loyalty programs, particularly in the hospitality industry. She noted that while changes to subscription services like Pret's can be controversial, they reflect a broader effort to meet consumer demands and enhance customer loyalty through innovative offerings.
As Pret navigates these changes, it remains to be seen how customers will adapt and whether the new subscription model will achieve its goal of providing better value while maintaining customer satisfaction. 
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