Rs 30 crores worth of monthly reward points unutilized in India

MUMBAI, INDIA:  While shopping, how many times have you run the What-If scenarios in mind—what if the mall could immediately redeem the reward points instead of waiting for the next shopping day?

Well, the figure then should come as no surprise that more than Rs 30 crore of monthly reward points remain unutilized in India.

To address the issue, Pine Labs, an integrated payment solution company of India has introduces Paybypoints—a platform that enables card holders  to pay for purchases and services instantly through their reward points accrued on leading banks/issuer cards, at a wide range of merchants. It’s first of its kind technology platform which aggregates India’s top loyalty reward programs on a single platform.

In India, the average monthly points earned are worth Rs 50 crores and monthly redemption is about Rs 20 crores. Paybypoints-enabled merchants can redeem reward points at point of sale (POS). The platform is pegged to provide redemption to reward point bank worth Rs 3000 crores held by more than 300 million card holders.

Lokvir Kapoor, Chief Executive Officer, Pine Labs India, said, “In India, there is a huge pile of accumulated reward points and the card holder usually ends up not utilizing it. Marketing campaigns by banks/ issuers and Pine Labs would further create the reach and the opportunity for the merchants to access premium customers.”

So far, Paybypoints has brought together issuers like Amex, Citibank, Axis Bank, PAYBACK, on a single platform.  Some of its partners include Apple, BOSE, Samsung, The Mobile Store, Croma, Clarks, Dabur new U, Vishal Megamart, VLCC, Wildcraft, Beer cafe, Costa Coffee, Chaos, Shoppers Stop, Babyoye, Central, Westside, Marks & Spencer etc.