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Last Updated : Dec 05, 2019 07:34 PM IST | Source: Moneycontrol.com

Twid-- making ‘rewards’ the new currency

Twid, a payment app, aggregates all the rewards points in one place for the customer to seamlessly use it across channels.

How many times have you forgotten to redeem the various reward points that you have accumulated? Statistics say that over INR 16,000 Crores worth of reward points are 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 realization, twid, a new mode of payment for the millennials was established as a mobile-first global platform that facilitates the consumers to access all of their rewards from banks, brands, travel, dining and others from one place, combine them to make them bigger and make payments through their accumulated reward point balance for their daily spends at any merchant offline or online.

Founded by Amit Koshal, Rishi Batra and Amit Sharma in 2019, twid calls itself “the millennial’s new mode of payment” and rightly so. This payment app aggregates multiple loyalty/ reward points and helps an individual to use them to pay, just like any form of currency—even at a physical store. The firm TWID has recently raised INR 10 crore through seed funding round.

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Amit Koshal, the CEO of the firm says, “Brands and banks are opening up to this, it’s already a big business in developed countries. Our proposition is very strong. Through our tech platform, we bring all rewards using deep integrations with bank and brands under twid, combine them 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.”

How exactly does twid make this happen? The firm relies heavily on technology and its enterprise class platform which has the ability to process millions of transactions a day. It analyses customer behaviour and shopping patterns and the learning algorithms keep improving the recommendations to customers with each analysis. Twid also leverages predictive analytics to bring in real time location mapping and build real time recommendations to enhance the customer journey. Koshal believes that stickiness of a consumer to apps like twid is dependent a lot on such personalization initiatives.

In less than a year of being launched in the market, the company has already witnessed significant uptake, he adds. Currently, Koshal’s focus is to build a great team, bring in more partnerships, product innovation and tech advancements.

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First Published on Dec 5, 2019 07:34 pm
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