Most people generally have more than one bank account, unless living in remote places where banks and other payment options are not accessible. Along with the debit cards issued against the bank accounts, most of such people generally possess multiple credit cards as well. Along with increase in use of debit and credit cards, uses of payment apps have also witnessed quantum jump, especially after demonetisation.
While people use the multiple payment options as per their convenience or deals offered on payments made through such options, very few people keep count on reward points awarded on every transactions and even fewer people redeem such reward points to get something useful for them before such points get expired.
This is because points are awarded on transactions on the basis of spend to earn ratio and are very insignificant, unless transactions are of very large amount. But, even if transactions are of large amounts, there may be some caps on reward points either per transaction or per billing cycle. So, such small points may not act as key driver to motivate people to buy something using the reward points.
Moreover, due to use of multiple loyalty programmes from banks, brands, airlines etc, reward points fail to get accumulated under a single option, so the users generally don’t track such points.
Another major problem is that such rewards points may only be redeemed at designated stores, which are very limited and users may not get things of their choice and needs at such stores – be online or offline.
As information on the points earned are also not readily available in all cases and redemption of such points are never top of their mind, customers tend to forget about the loyalty programmes.
As a result, these rewards get accumulated into the accounts of the users and currently, over Rs 16,000 crore worth of points were lying unseen by the consumers in India today.
Inspired by this realisation, Twid has established as a mobile-first global platform that facilitates the consumers to utilise these accumulated reward points by making payments at the leading online and offline platforms.
Twid combines the the points as per their current conversion ratio set by the bank or brand so that it becomes big and then it can be used anywhere and everywhere. So a shopping brand reward can be used to pay your coffee or dining bill etc.
Talking on how Twid combines reward points offered by multiple loyalty programmes, Amit Koshal, Founder & CEO, Twid said, “Twid has deep tech integrations with banks and brands to fetch the current reward balance of a user in real-time. We use Mobile number, first and last name of a user to fetch. These are all auto fetched, so you don’t have to add one by one.”
“However, in corner cases where the mobile numbers are outdated, user can manually select the bank or a brand and enter card or mobile number, complete OTP authentication is fetch,” he added.