- Specially designed rewards platform that will cater to specific needs of brands with an existing loyalty currency
- Zillion will be targeting banks and large enterprises with this new launch
Zillion, one of India’s largest multi-brand loyalty programs, that is part of the BharatPe Group, today announced the launch of Rewards-as-a-Service (RaaS) platform for brands that have an existing loyalty currency, but would need a robust rewards redemption platform to offer a best-in-class experience to their customers. With this newly launched product, the company will be targeting to onboard banks and large enterprises, including those with an extensive distribution network.
Rewards-as-a Service platform will enable brands to have the flexibility of running their own loyalty currency, while offering an exciting redemption platform for their customers. The platform offers a host of options to choose from, including e-Vouchers, Products, Utilities, Air Miles and more. This will also eliminate the hassle of brands having to onboard multiple partners so as to offer a plethora of redemption choices to their customers. The pricing will be competitive as the platform will operate on a bidding model which will ensure customers get the best price at all times.
Speaking on the launch, Mr. Rijish Raghavan, CEO, Zillion, said, “Loyalty industry has undergone a transformational shift over the last few years. Today, the loyalty industry is democratized and loyalty is not limited to only big brands. Young and unconventional brands have realized that loyalty is a great tool to drive customer stickiness and hence, are investing in a robust loyalty program. However, in a majority of cases, the redemption process is broken or very sub-standard with minimal redemption options as brands usually have a select set of options for customers to choose from. Our rewards platform with over 250 choices in e-vouchers, over 4000 products, Air Miles etc., will enable these brands to offer a superlative loyalty experience to their customers. Rewards-as-a-Service will widen the offering from Zillion and allow us to partner with brands who are looking for pure-play rewards management versus overall loyalty management. We are confident that this will be a game changer in the industry and will help us further strengthen our foothold in the market.”
Zillion (erstwhile PAYBACK India) is a unique multi-brand loyalty program, designed to engage with customers and reward them for their purchases with loyalty coins that can be redeemed later. Currently, its members can earn coins at 50+ brands – instore & online and redeem them at select partners or for products and vouchers from leading brands. The customers can earn ‘Zillion coins’ for their routine spends, across the network of offline and online partners, including groceries, fuel, entertainment, travel, apparel and more. The partners of Zillion include renowned brands from multiple industries including retail, fuel, banking, payments, entertainment, hospitality and travel. Some of its key partners include HPCL, BookMyShow, American Express, Amazon, Flipkart and many more.
About BharatPe Group
BharatPe was founded in 2018 to make financial inclusion a reality for Indian merchants. In 2018, BharatPe launched India’s first UPI interoperable QR code, the first zero MDR payment acceptance service. In 2020, post-Covid, BharatPe also launched a card acceptance terminal – BharatPe Swipe. Currently with a registered network of over 1.3 crore merchants across 450+ cities, the company is one of the leading players in UPI offline transactions, processing 370 million+ UPI transactions. The company processes payments of annualized Transaction Processed Value of over Rs. 1.7 Lac Crores. BharatPe Group has already facilitated the disbursement of loans of over Rs. 12,400 crores, in partnership with NBFCs. BharatPe’s POS business processes payments of over Rs. 29,000 crores annually on its machines. It has raised over US$ 583 million in equity till date. The company’s list of marquee investors includes Peak XV Partners (formerly known as Sequoia Capital India), Ribbit Capital, Insight Partners, Amplo, Beenext, Coatue Management, Dragoneer Investment Group, Steadfast Capital, Steadview Capital and Tiger Global. In June 2021, the company announced the acquisition of PAYBACK India (Rebranded to Zillion), the country’s largest multi-brand loyalty program company with 100 million+ members. In October 2021, the consortium of Centrum Financial Services Limited (Centrum) and BharatPe, was issued a Small Finance Bank (SFB) license by the Reserve Bank of India (RBI). BharatPe Group also entered the Buy Now Pay Later (BNPL) segment with the launch of postpe in October 2021. postpe has over 15 million downloads. In January 2023, BharatPe Group received an in-principle nod from the Reserve Bank of India (RBI) to operate as an online payment aggregator. BharatPe is also a promoter in TrillionLoans, a renowned NBFC (Non- Banking Financial Company). For more details, please visit- https://bharatpe.com/.
