Loylty Rewardz and Innoviti Payment Solutions Partner to Enable Customers to 'Pay by Points' at Offline Stores
BENGALURU, India, Sept. 23, 2021 /PRNewswire/ --
- The loyalty and customer engagement company, Loylty Rewardz, and payment solutions company Innoviti Payment Solutions - both leading enterprises in the country - have partnered to equip debit and credit cardholders of 20+ banks to 'Pay by Points' on Innoviti terminals.
- This integration will allow Innoviti's partner outlets to recognize the debit & credit cards of 20+ Banks eligible to earn accelerated reward points on every purchase. Customers can also check the reward points accrued on their card on POS, ePos, and other banking transactions and go on to redeem them, thereby giving them the ability to 'Pay by Points'. In one single swipe of their card, customers can choose to pay with money or reward points or both - making transactions even more effortless.
- While the partnership promises to be a win-win for the organizations, both customers and merchants stand to gain big. This integration will mean increased spending power and discounts for customers through seamless shopping experiences and safe payments. On the other hand, merchants can expect to see higher footfalls without any additional technical enhancements or efforts.
- As India's leading loyalty and customer engagement platform, Loylty Rewardz caters to 20+ banks whose customers will now benefit from this rewarding experience. Similarly, as India's largest provider of payment solutions to offline enterprise merchants, Innoviti will empower its partner outlets to enhance the overall shopping experience for these customers.
- Both Loylty Rewardz and Innoviti have been industry game-changers for over a decade now.
- Innoviti uses payment technology in unconventional ways to turn payment transactions into customer acquisition and retention tools for merchants, bank, and brands, by bringing them on to a common platform, and helping them deliver unique customer experiences. Each business gets access to 3X loyal consumers at 1/3rd the cost, accelerating sales with unmatched efficiencies.
- Innoviti had raised a Series C in 2020 to further its differentiated strategy of servicing the retail market through category and segment specific products.
Quotes:
"We aim to provide immense value to customers by widening our reach across retail categories, offering accelerated rewards on spends and providing safe and convenient redemption choices," said Mr. Amresh Acharya, MD & CEO of Loylty Rewardz. "This partnership with Innoviti enables us to achieve this by extending our service to customers at prominent retail players in apparel, jewellery, F&B, lifestyle, groceries, electronics, and other categories - all the while engaging and educating them about the value of loyalty programs."
"Consumers prefer reward programs that are relevant to them, offer them a choice, cash equivalence, and aspirational value. This is where Loylty Rewardz thrives as India's largest redemption platform," said Mr. Prasad Sonavane, Chief Revenue Officer, Partner Ecosystem Development, Innoviti. "Innoviti now makes it convenient for debit & credit cardholders from 20+ partner banks of Loylty Rewardz to earn and burn reward points at our partner merchant outlets across India, with an unmatched ease and simplicity," he added.
About Loylty Rewardz Mngt. Pvt. Ltd., Mumbai, India
Loylty Rewardz Mngt. Pvt. Ltd. is a wholly-owned subsidiary of the BillDesk Group and India's premier loyalty and customer engagement company. Loylty Rewardz has the expertise in developing and managing large-scale, turnkey loyalty solutions for banking and non-banking companies. Their clientele includes over 20 of India's prime banks and 50+ retail brands across categories of jewelry, apparel, F&B, grocery, and more. Since its inception in 2008, Loylty Rewardz specializes in the management and design of rewards programs and consumer relationships and customer retention strategy, retail analytics, data science capabilities, and insight-based targeted marketing.
About Innoviti Payment Solutions Pvt. Ltd., Bangalore, India.
Innoviti Payment Solutions Pvt. Ltd. is India's largest payment solutions provider to Enterprise merchants, with a 76% market share of all payments happening in this segment. It has been a pioneer in using technology to help businesses extract better value from retail transactions than anyone else. The company processes over 10B$ of merchant payments from over 1000+ cities with a volume throughput per installation 2X of the country's average. Bessemer Venture Partners, USA, FMO, Netherlands, and Catamaran Ventures, India are investors. The company has several patents filed for with two awarded. Innoviti won Mastercard's Innovation Wizards Award, Reliance's Most Promising Growth Consumer Finance Award and Deloitte Fastest Growing Companies in Asia award in 2020. Innoviti is the only Indian payments SaaS company to be awarded the coveted SOC3 seal of excellence for adherence to principles of trust in privacy, security, confidentiality, availability, and processing of transactions.
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