Infibeam Avenues, a leading fintech company, has announced that its flagship payment brand, CCAvenue, has partnered with Loylty Rewardz, a top customer engagement company in India. This partnership is set to revolutionize the reward point redemption experience for millions of customers shopping on merchant websites powered by the CCAvenue payment gateway.
Agreement at Global Fintech Fest
The agreement was signed by Amresh Acharya, MD & CEO of Loylty Rewardz, and Vishwas Patel, Joint Managing Director of Infibeam Avenues Ltd, during The Global Fintech Fest (GFF) 2024 in Mumbai. The partnership will enable merchants using the CCAvenue gateway to provide consumers with an easy way to redeem their loyalty points while making online purchases.
T. Nandakumar Menon, Sr. Vice President at Infibeam Avenues, stated, “We believe in offering our partners the latest fintech innovations. This partnership with Loylty Rewardz will significantly boost customer retention and drive business growth for our merchant partners.”
About Loylty Rewardz Points
Founded in 2008, Loylty Rewardz specializes in providing end-to-end loyalty solutions for over 20 banks and 60 retail brands in India. The company’s loyalty programs aim to improve customer experiences through data-driven and technology-led solutions.
Through this collaboration, Loylty Rewardz will offer its Rewardz Hub, a redemption module that allows customers from over 500 million loyalty program accounts to redeem their reward points across a wide network of retail partners.
Growing Loyalty Market in India
The loyalty program market in India is on a significant growth trajectory. It’s projected to reach $5.37 billion by 2024 and could double by 2033, reaching $14.5 billion. As consumers’ income levels and spending power increase, loyalty programs are gaining popularity among global and domestic brands in India.
Amresh Acharya emphasized the importance of this partnership, saying, “Our alliance with CCAvenue will elevate the customer shopping experience by integrating seamless reward point redemption with secure and efficient payment processing.”
