Twid: Millenials’ new mode of payment

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Published: December 2, 2019 1:14:25 AM

The platform seamlessly pools multiple loyalty/reward points of banks, retail, entertainment, F&B, travel, etc., and enables consumers to access them at one place and pay with them everywhere.

Amit Koshal, the co-founder & CEO, TwidAmit Koshal, the co-founder & CEO, Twid

Newly-born Twid stands out in the crowd with its unique business model. It is a millennials payment app that aggregates multiple loyalty/reward points, enabling an individual to use these to pay at offline and online stores. Headquartered in Bengaluru, this fintech startup was launched in June this year and is the brainchild of Amit Koshal, Rishi Batra and Amit Sharma. It has recently raised Rs 10 crore in seed funding.

“We are strong believers of making life simpler for a user,” says Amit Koshal, co-founder & CEO, Twid. “We noticed that over Rs 16,000 crore worth of points were lying unnoticed by the consumers in India today. These rewards get accumulated, just like a savings account of a user but because it is kept under wraps, there is hardly any meaningful option to spend on. Inspired by this realisation, Twid was established as a mobile-first global platform that facilitates the consumers to access all of their rewards from banks, brands, travel, dining and so on at one place, combine them to make them bigger and make payments through their accumulated reward point balance,” he reveals.

At its core, Twid is a payment network. “A new mode of payment for the millennials,” says Koshal. The platform seamlessly pools multiple loyalty/reward points of banks, retail, entertainment, F&B, travel, etc., and enables consumers to access them at one place and pay with them everywhere. “Be it shopping, grocery, cabs, dining, food ordering, flights and more, pay with your consolidated reward points and use your rewards your way. That’s the whole USP of the platform,” he says.

Since it’s an innovation in the market, the acceptability of this venture is great, and everyone wants to join hands. “We have now introduced 20,000-plus fine dine restaurants, over 80,000-plus shopping merchants where users can use rewards just like any other mode of payment. You will see us introducing new categories, large partnerships in the coming days,” he says. “With focus on making rewards more valuable and hence meaningful, we help banks and brands take rewards to an all-new level for multifold increase in their consumer engagement leading to steep growth in business.”

Currently Twid’s focus is to build a great team, more partnerships, product innovation and tech advancements. “We are in fintech, so the company will introduce new products for users to engage with and merchants’ banks to better communicate with the consumers. We will be working towards digitising the transactions in the country. We have a global outlook and the product and platform is built to scale,” says Koshal.

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