PayU Launches ‘Pay with Rewards’ with twid

PayU on Thursday announced the launch of ‘Pay with Rewards’ initiative in partnership with twid.

Pay with Rewards - The Latest from PayU

Under the scheme, customers can pay up to 100% of their purchase amount. Customers can do so by aggregating loyalty points and alternate currencies of multiple brands on a single platform. This reward system will allow buyers to use reward points such as Flipkart SuperCoins, OlaMoney, TimesPoints, and so on. Buyers can use these points at checkout to settle their full bill amount.

For merchants, ‘Pay with Rewards’ allows access to a potential base of 350+ million consumers of these large loyalty programs. What's more, merchants can also access loyalty points of different brands worth INR 4,000 crore.

PayU estimates that the initiative will have positive impacts on average customer spend and repeat purchases. It said that the reward system will increase the former by up to 30% and the latter by over 200%.

Mohit Gopal, Senior VP, PayU India, said, “Through ‘Pay with Rewards’, merchants can drive value, improve retention, acquire new consumers and reap the benefits of the loyalty economy. We are very excited to partner with twid to bring this latest innovation for our merchants.”

Rishi Batra, Co-Founder, twid said, “we are very excited to partner with PayU and contribute large business to their merchant partners through “Pay with Rewards”. He added, "we envision aggregate over INR 18,000 Crores worth of Reward Points only in India".

Nalin Bansal, Chief of Corporate Relationships & Fintechs, NPCI, said, "In order to make consumers' shopping experience more rewarding, we have introduced the unique functionality of paying online merchants with nth Reward points through our partnership with twid. We at NPCI, will continue to innovate around payments for our customers and on the other hand, our merchants will benefit from millions of our captive consumers”.