With an estimated Rs.30 crore-worth of reward points remaining unutilised in India every month, a new platform now enables card holders to instantly pay for purchases and services through the accrued points at a wide range of merchants.
"In India, the average monthly points earned are worth Rs.50 crore and monthly redemption is about Rs.20 crore. Paybypoints-enabled merchants can now accept the redemption of reward points through Pine Labs point of sale, while accepting card holders payments at point of sale (POS). Its a first of its kind technology platform which aggregates India's top loyalty reward programmes on a single platform," a statement said.
The process of redemption for card holders, which otherwise was a tedious and time-consuming process through catalogues, is now easier and convenient with the magic of "instant gratification" by facilitating use of reward points instantly at the POS, the statement said.
"In India, there is a huge pile of accumulated reward points and the card holders usually end up not utilising it. In short, there is tremendous potential to increase spending at the merchant outlet with Paybypoints. Giving an option to pay with points creates a great pull for the card holders to Paybypoints-enabled merchants," Pine Labs India CEO Lokvir Kapoor said.