New Delhi, September 30, 2019: The digital transaction industry of India is all set to witness an upheaval hinging on the country’s under-utilised rewards ecosystem. A new mode of payment for the millennials, TWID is a futuristic payment app that seamlessly pools multiple loyalty/reward points of banks, retail, entertainment, F&B, travel, etc. and enables consumers to seamlessly access and redeem them. With its revolutionary payment network, the app endeavours to make transactions meaningful and rewarding.
The mobile-first platform empowers its users to track all the rewards and loyalty points at one place, and spend them just like cash across many online and offline retail stores, making their existing and future reward points valuable. It is currently available on Google Play.
A brainchild of Amit Koshal, Rishi Batra and Amit Sharma, TWID was established to bring into play over INR 16,000 Crores worth of points that were lying unnoticed by the consumers in India today. The revolutionary payment platform facilitates the consumers to keep track of all their loyalty memberships, total points, their worth, next expiry, transaction history, etc. All these points then become much bigger together when clubbed in a single account. The clubbed rewards are then used as a form of payment for every kind of expense through the app. TWID leverages best-in-class frameworks to analyse customer behaviour, and their spending patterns for providing solutions, whereas its learning algorithms enhance the recommendations to customers with predictive analytics.
Talking about the launch of this revolutionary product, Amit Koshal, Founder & CEO of TWID said, “Close to INR 1.15 Lakh Crores in India is spent every month by Indian consumers who make multiple purchases through just Credit and Debit Card. On these spends, we earn rewards not just from the banks but even by the brands, both offline and online. These points are simply lying idle and unused because they stay hidden. TWID is here to make these rewards more valuable. By bringing the points in rotation, we’re ensuring a boost to digital transactions in the country through incremental swipes and spends on cards, net banking, and UPI. We will also facilitate additional earning on the same transaction for both our partners and consumers. Our partner banks and brands are leveraging our platform to take the value of their rewards to an all-new level for a multifold increase in their consumer engagement and steep growth in their businesses.”
Considering the exceptional transformation of points turning automatically more valuable when combined, SCV LLC a family-owned business of tech entrepreneurs invested INR 10 Crs in TWID as part of their seed round of funding. The company has previously secured funds from many marquee investors like YourNest Fund, Whiteboard Capital, and Capillary Technologies.
Founder of SCV LLC says, “In U.S., the rewards ecosystem is compelling and completely consumer-centric. As India’s consumption story evolves along with a rising middle class who are price-sensitive, rewards will be the key differentiator for retailers and service providers alike. The TWID platform plays a critical role in the aggregation of rewards across various industries and provides a single source for accumulation, redemption, and ease of use. The team has built a simple, elegant, easy to use platform and we are excited to be partners in their journey”
Just launched, within the first year of operation, the team is aggressively aiming to on-board additional 50+ brands and banks with their rewards pool, over 3 Lakh+ merchant base to accept TWID as a mode of payment and over 3 million active users to transact using TWID. The innovative payment company eventually envisions emerging as a scalable solution acquainting every bank, brand, and customer to this new mode of payment that can throttle the growth of digital transactions in India.