- Merchants can target 350mn+ consumers with “Pay with Rewards” Loyalty Point Issuer partner program
- Merchants can access aggregated loyalty points with customers worth INR 4000+ crore
New Delhi, June 3, 2021: PayU, India’s leading online payments solutions provider, has announced the launch of ‘Pay with Rewards’ initiative, India’s largest online aggregation of loyalty programs across brands, in partnership with twid, India’s first reward points-based payment network. By aggregating loyalty points and alternate currencies of multiple brands on a single platform, consumers can pay for up to 100% of their purchases through rewards and loyalty points. Consumers can use Flipkart SuperCoins, OlaMoney, TimesPoints, banks on NPCI’s nth Rewards platform, airline miles, bank reward points, and others, across different merchants, at checkout to settle their full bill amount.
With the integration of ‘Pay with Rewards’, merchants can access a potential base of 350+ million consumers of these large loyalty programs. Additionally, merchants will also be able to access loyalty points of different brands worth INR 4,000 crore. The initiative is expected to increase average customer spend by up to 30% and repeat purchases by over 200% for the same merchant. It is also expected to drive additional liquidity in the market and deliver an unparalleled loyalty redemption experience.
Commenting on the partnership, Rishi Batra, Co-Founder, twid says “We are very excited to partner with PayU and contribute large business to their merchant partners through “Pay with Rewards” payment method. This is just the beginning and we envision aggregate over INR 18,000 Crores worth of Reward Points only in India through our upcoming partnerships with banks and brands as point issuers.”
Often customers do not redeem reward points due to the complexity and limited applicability of loyalty programs. ‘Pay with Rewards’ integrates a large network of point issuers and the merchant needs only a single integration to bring multiple loyalty program partners under one roof. Thus, reward points have the potential to become a universal currency that can be used across different sectors, lowering barriers to redemption and helping drive customers towards partner brands.
Nalin Bansal, Chief of Corporate Relationships & Fintechs NPCI, said, “NPCI has developed nth Rewards as one of the most robust loyalty management platforms not just for banks but also for the emerging space of fintechs and startups. In order to make consumers’ shopping experience more rewarding, we have introduced the unique functionality of paying online merchants with nth Reward points through our partnership with twid. We at NPCI, will continue to innovate around payments for our customers and on the other hand, our merchants will benefit from millions of our captive consumers”.
Commenting on the initiative and partnership Mohit Gopal, Senior Vice President, PayU India said, “As a leader in the digital payment space, PayU aims to be at the forefront of bringing innovation, and accessibility to merchants and consumers alike. Through ‘Pay with Rewards’, merchants can drive value, improve retention, acquire new consumers and reap the benefits of the loyalty economy. We are very excited to partner with twid to bring this latest innovation for our merchants.”
PayU, India’s leading online payment solutions provider, is regulated under the Reserve Bank of India and has advanced solutions to meet the digital payment needs of the Indian market. PayU India aims to create a full-stack digital financial services platform to serve all (tapped and untapped) financial needs of customers (merchants, banks and consumers) through technology.
PayU provides payment gateway solutions to online businesses through its cutting-edge and award-winning technology. In India, PayU serves more than 450,000 merchants with 100+ local payment methods and is the preferred payments partner for nearly 60% of the e-commerce merchants, including all leading e-commerce companies and a majority of airline businesses.
PayU also developed LazyPay in 2017, an alternate lending platform to offer credit solutions such as Small Ticket Credit (Buy Now Pay Later), App-based loans (Instant personal loans) and Point of Sale Credit (Merchant EMI). LazyPay Buy Now Pay Later is currently live on 100+ merchants such as Byju’s, Swiggy, Flipkart, Makemytrip, Dunzo, Vodafone, Zomato, Bookmyshow, Oyo, Tata Sky and many more.
twid is a Reward Points based Payment Network connecting, Customers with Merchants to pay with points earned from Point Issuer Program. It’s a new age payment method, combining points and payment ensuring customer not only save on every payment, but also earn new accelerated rewards.
The Platform empower banks, brands, acquirers and customers to make their program completely business viable and turn their app as contactless payment mode for offline payments or as a checkout option on online merchants using “Pay with Rewards”. From Startup’s to world’s leading companies today uses TWID Platform for digitize and build points into currencies and drive new liquidity in the market for customers and from issuers.
TWID is dual headquartered in Singapore and Bangalore with offices in Mumbai and New Delhi.