Loylty Rewardz and Innoviti to allow customers to ‘Pay by Points’ at stores

By Leandra Monteiro

The loyalty and customer engagement company, Loylty Rewardz, and payment solutions company Innoviti Payment Solutions 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.

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.

“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.

Innoviti had raised a Series C in 2020 to further its differentiated strategy of servicing the retail market through category and segment specific products.