NPCI launches omnichannel loyalty platform ‘nth Rewards’ for banks in India

By Edil Corneille

National Payment Corporation of India (NPCI), the umbrella organisation for operating retail payments and settlement systems in India, said that it has launched its own business intelligence and analytics-enabled omnichannel multi-branded loyalty platform – ‘nth Rewards’. The loyalty rewards platform allows users to earn ‘nth’ (denoting infinite possibilities) points through various bank transactions and redeem them faster on various exciting products, E-Vouchers, donations, and hotel & flight bookings.

Kunal Kalawatia, Chief of Marketing, NPCI enthused, “We are excited to launch ‘nth Rewards’ platform for Banks and Merchants. We believe our unique offering will provide banks and merchants to reward their consumers while paying digitally. Our focus at NPCI has always been on customers’ convenience, and with ‘nth Rewards’. We would like to recognize their loyalty and offer them a gamut of products and services to choose from. The loyalty platform would also help banks and merchants to better understand consumer behavior through which we can come up with more and more exciting deals and discounts well-suited for them.”

‘nth Rewards’ works on 4 key pillars:

• At the heart of “nth Rewards” is the Loyalty Engine which allows consumers to earn points from various transactions across all the digital transactions of the bank. The loyalty engine allows the banks or merchants to reward the behavior they would like to drive loyalty for and measure it regularly.
• Analytics & Business Intelligence provides real-time access to product portfolio and campaign performance. With the help of BI, the personalized dashboard on the platform offers actionable insights to banks through which they can identify the right audience to maximize returns on their marketing spends.
• The Offers & Rewards platform curates customer-specific offers that reaches them with geo-tagged marketing.
• The Campaign manager enables real-time communication to consumers through SMS and email. It offers a user-friendly omnichannel campaign module to banks which is said to be easily created, designed, and implemented with ease.

Customers can earn loyalty points on almost every transaction made digitally, especially while using credit and debit cards. Rewarding customers for their loyalty helps organizations make long term engagement with their valued customers. ‘nth Rewards’ by NPCI is a step ahead to further induce the habit of digital payments among customers and at the same time provide a sense of personalization to them by rewarding them in the right way.

The omnichannel platform aims to become a one-stop-shop for banks which would help them retain and grow their customer base. The integration of nth Rewards with the bank system is said to be seamless and secure with PCI-DSS compliance and developer-friendly APIs, with an onboarding time of 4 to 6 weeks. This is expected to help banks save costs as well as man-hours.