NewsVoir
Bengaluru (Karnataka) [India], July 11: Twid, India's leading rewards-based payment network, and Myntra, one of the country's leading fashion, beauty and lifestyle e-commerce platforms, today announced a strategic partnership revolutionizing the shopping experience for customers. The partnership will enable Myntra's customers to seamlessly use their reward points for purchases on the platform with the "Pay with Rewards" construct. The collaboration aims to unleash the true potential of reward points and unlock guaranteed customer savings on their purchases.
Myntra's recent End Of Reason Sale (EORS), saw a strategic partnership with Twid. This collaboration allowed Myntra customers to leverage loyalty and reward points from various banks and brands, including Intermiles, PAYBACK (now Zillion), TimesPoint, and debit/credit card programs, directly at checkout. This innovative integration empowered customers to save a notable percentage of additional savings on their purchases, effectively boosting their purchasing power.
Commenting on the partnership, Amit Koshal, CEO & Co-founder at Twid, said, "We are excited to join forces with Myntra and provide their valuable customers with a rewarding shopping experience. With the power of rewards, we are empowering customers and Myntra with a mutually beneficial channel that will define a new path for customer delight for Myntra and provide the best value for their customers."
"Our partnership with Twid not only enhances our customers' shopping experience by allowing them to redeem their reward points seamlessly but also brings significant value to Myntra. By increasing the share of prepaid orders, we've seen a notable improvement in order fulfillment rates and, reinforcing our commitment to providing exceptional value and convenience to our customers," said Santosh Kevlani, Head of Monetization, Payments & Fintech, Myntra.
The Twid-Myntra collaboration is a significant step towards revolutionizing the rewards ecosystem in India, offering customers a seamless and value-driven shopping experience.
Founded in 2020 by Amit Koshal (Co-founder & CEO), Rishi Batra (Co-founder & COO), and Amit Sharma (Co-founder & CTO), Twid has built a rewards-based payment network turning reward points into a fully fungible currency that can be used for anything, anywhere. With affiliations to notable names like Axis Bank, YES BANK, IndusInd Bank, Flipkart Supercoin, Intermiles, and Payback, among others, Twid boasts access to a substantial points pool of approximately USD 2.2 billion. These accumulated points are currently being utilized at a vast network of over 100,000 merchants across India. The company received Series-A funding of USD 12 Mn led by Rakuten Capital and Google. Twid is part of the VISA Accelerator Program 2023 to co-create the industry's first innovative payment solutions.
Myntra is one of India's leading platforms for fashion, beauty and lifestyle brands and in m-commerce play. An integral part of the Flipkart Group, Myntra brings together technology and fashion to create the best experience in the fashion and lifestyle space in India. Myntra platform offers a wide range of over 6000+ leading fashion and lifestyle brands in the country such as Mango, HUDA Beauty, M.A.C. U.S. Polo Assn., Tommy Hilfiger, Louis Philippe, H&M, Forever 21, Marks & Spencer, W, Biba, Nike, Puma, Crocs, Fossil and many more. Myntra services over ~19,000 pin codes across the country.
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