NPCI on Wednesday launched a multi-brand omni-channel loyalty Platform called nthRewards. NPCI said that the purpose of this platform is to engage and retain bank customers by allowing them to easily and instantly earn reward points on maximum purchasing options. The regulatory body further added that this new platform will eliminate multiple loyalty platforms with separate logins.
In its official press release, NPCI has claimed that nthRewards boasts a simple and intuitive dashboard that will allow users to easily see their total points, redemptions and also have unfettered access to offers and rewards. Furthermore, customers can fetch loyalty points on almost every digital transaction, especially when digital transaction pertains to use of debit and credit cards.
NPCI asserted that nthRewards platform will help in encouraging the habit of digital payments among customers and simultaneously offer a sense of personalization to them by rewarding points in the right way.
Experts claim that reward points allow personalized communication with customers and this in turn allow banks and merchants to know their customers better and boost their sales in the long run.
Various digital platforms like Google Pay, Paytm and PhonePe are already using reward point system to induce the habit of digital payment among Indian users.
Commenting on the new platform, Kunal Kulwatia, Chief of Marketing, NPCI, said “we believe that our unique offering will provide banks and merchants to reward their customers while paying digitally. Our focus at NPCI has always been on customer convenience and with nthRewards we’d like to recognize their loyalty and offer them a gamut of products and services to choose from. The loyalty platform will equally 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.”
The umbrella organization, which regulates all retail payments in India, has also said that the integration of nthRewards with the bank system will be seamless and secure. It claims that the integration will be secured with PCI-DSS compliance and developer friendly APIs, with an onboarding time of merely 4-6 weeks.
Additionally, once the integration is completed nthRewards can then be easily integrated with any existing website or app.
Meanwhile, UPI payment in the month of July clocked a record high transaction of $1.49 Bn, clocking 12% growth on a sequential basis.