PAYBACK India launches PAY feature on its app, powered by BharatPe
By Edlyn Cardoza
PAYBACK India, a BharatPe company and India’s largest multi-brand loyalty program, recently announced the launch of the PAY feature on its mobile app. It’s an industry-first that integrates QR-based UPI payments and loyalty in a single app. PAYBACK PAY will enable PAYBACK India’s 100 million+ members to make payments by scanning the UPI QR at any retail store/ merchant outlet by using the PAYBACK app and earn loyalty points on every transaction.
PAYBACK India members will earn 50 bonus points on the first UPI transaction via PAYBACK PAY and 5 PAYBACK points thereafter on every transaction. Additionally, customers will earn 2X points on transactions done at BharatPe QRs. The points will be credited to the customer’s account on a real-time basis. Furthermore, PAYBACK will next be adding the feature of redemption of points at BharatPe’s QRs at more than 7.5 million merchant outlets and launching the feature on the ioS app.
Speaking on the launch, Ashneer Grover, Co-Founder and Managing Director, BharatPe, said, “PAYBACK is a great loyalty proposition – allowing customers to earn and redeem loyalty points at thousands of merchant outlets. Last year PAYBACK drove GMV of US$8Bn for partner merchants. I would stick my neck out and say the proposition is even superior to CRED, MagicPin, FAVE or any other loyalty program in India today. Our vision is to make credit and loyalty integral and invisible to every transaction. PAYBACK PAY will put customers in habit of scanning and paying on UPI QRs. Eventually, all redemption and earning of PAYBACK points will happen automatically at BharatPe QRs. PAYBACK points will be a currency as it will be universally accepted.”
Added Rijish Raghavan, CEO, PAYBACK India, “At PAYBACK, we have always been committed to creating rewarding experiences for our customers. The launch of PAYBACK PAY is another step in the same direction. We are confident that this product will redefine the customer experience with its unique proposition that integrates loyalty and payments. We want to ensure that our members can earn loyalty points for their purchases, irrespective of whether they are shopping at a big retail store or at their neighbourhood kirana shop. We are hoping to work closely with neighbourhood stores to help them leverage the power of loyalty to drive customer footfall, greater stickiness and enhanced experience.”
Recently, IBS Intelligence reported that BharatPe, an India FinTech company for merchants, announced a strategic alliance with Axis Bank, the third largest private sector bank in India.
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