- 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
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.
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.
New Delhi, June 2, 2021
