Digital loyalty company Payback, which is associated with brands such as ICICI Bank and American Express, is expanding its scope of partnerships by betting on the financial services space and new-age internet companies.
In one its first partnerships with a fintech firm, Payback has partnered with lending company Stashfin, and said many more such deals are in the pipeline.
Payback is bullish about areas such as taxi aggregating service, online food delivery and also cluster markets like shopping malls among others, Rijish Raghavan, chief operating officer at the firm said. The new partnerships will help it expand customer base quickly and popularise Payback currency among a larger user base, he said.
“For Stashfin we are offering Payback points to consumers when they repay loans which is an innovative means of customer engagement,” Raghavan told ET. “Overall the broader strategy is to get more partners and also expand places where consumers can burn Payback points.”
With more than 100 million users spread across the country already, Payback wants to add a million new customers every month.
The company has already started talking with major players in the online food delivery and taxi hailing space to start the product for their consumers. Internet companies are also looking for means to leverage their user base and make them stickier to their platforms.
“We can partner with shopping malls to offer loyalty points for consumers shopping in those places across brands, we can have airport wide loyalty programmes as well. The aim is to just expand contact points with the customer,” said Raghavan.
Here, Payback has to compete with the loyalty programmes run by the companies themselves. “We will expand our partnership base but not let go of the quality of customers and hence be very judicious about our partnerships as well,” Raghavan said.
Leave a Reply