Pine Labs, the largest integrated payment solution company of India has introduced Paybypoints – This platform enables card holders to pay for purchases & services instantly through their reward points accrued on leading banks/issuer cards, at a wide range of merchants.
In India, the average monthly points earned are worth Rs.50 crores and monthly redemption is about Rs. 20 crores. 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 first of its kind technology platform which aggregates India’s top loyalty reward programs on a single platform.
The process of reward points redemption for the Card Holders, which otherwise was a tedious and time consuming through catalogs ; now with Paybypoints is easy, convenient and the one with the magic of ‘instant gratification’ by facilitating use of reward points instantly at POS, to get what they want. No more wasting or lapsing of reward points, plus the card holders get an array of merchant outlets to choose from, to spend their reward points. The use of reward points, not cash or card to pay for a purchase or a service, is what creates – The true joy of shopping for the consumers. Paybypoints platform is estimated to give easy and convenient reward points redemption to reward point bank worth of Rs. 3000 crores held by more than 300 Million Card Holders.
Sharing his perspective about the launch, Lokvir Kapoor, CEO, Pine Labs India Pvt Ltd. said
In India, there is a huge pile of accumulated reward points and the card holder usually end up not utilizing 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.
Various marketing campaigns by Banks/issuers & Pine Labs would further create the reach and the opportunity for the merchants to access premium customers. Paybypoints, one single platform helps merchants to engage and acquire premium customers of multiple premium loyalty reward programs.
Paybypoints has brought together leading issuers like Amex, Citibank, Axis Bank, PAYBACK, etc. on a single platform. Some of its respectable and trusted partners are- Apple, BOSE, Samsung, The Mobile Store, Croma, Clarks, Vishal Megamart, VLCC, Wildcraft, Beer Cafe, Costa Coffee, Chaos,Shoppers Stop, Babyoye, Central, Westside, Marks & Spencer etc.
About Pine Labs
Pine labs is the largest integrated payment solutions company that simplifies payment acceptance, while creating business opportunities for Issuers, merchants and brands. Pine Labs began its journey with specialty payment and loyalty solutions for closed-user group applications for Retail Petroleum industry. Today it has evolved into a payment acceptance partner choice with a POS base of more than 1,00,000 ranging from large worldwide enterprises with a wide network across India to locally-owned small businesses.
Pine Labs merchants and partners get a robust platform to create new revenue streams with best in class value added solutions like Instant EMI, Instant Discounts, Cash Back Programs, Pay by Points, Loyalty Solution, Gift Solution, Targeted Promotions, Dynamic Currency Conversion etc. For more information, please refer Pinelabs
[Image Credit* – Pine Labs]