Fashion e-commerce giant Myntra has formed a strategic partnership with Twid, a rewards-based payment network, to transform the shopping experience for its customers. This collaboration allows customers to use their accumulated reward points for purchases on Myntra.
Myntra Pay with Rewards Feature
The “Pay with Rewards” feature enables customers to integrate their loyalty and reward points from various banks and brands, thereby increasing their purchasing power. This integration was especially useful during Myntra’s recent End Of Reason Sale (EORS), where customers enjoyed significant additional savings by using their reward points at checkout.
Customer Benefits
With this partnership, customers can unlock significant savings by using their accumulated reward points from programs like Intermiles, PAYBACK (now Zillion), TimesPoint, and various debit/credit card rewards. This new feature allows customers to seamlessly redeem their points, making their shopping experience more rewarding and cost-effective.
Twid Leadership Comments
Amit Koshal, CEO & Co-founder of Twid, expressed his excitement about the partnership, stating, “We are thrilled to join forces with Myntra and offer their customers a rewarding shopping experience. By empowering customers with the ability to use their reward points, we are creating a mutually beneficial channel that enhances customer satisfaction and value.”
Santosh Kevlani, Head of Monetization, Payments & Fintech at Myntra, added, “Our collaboration with Twid not only enhances the shopping experience by allowing customers to redeem their reward points seamlessly but also brings significant value to Myntra. This partnership has increased the share of prepaid orders, improving our order fulfillment rates and reinforcing our commitment to providing exceptional value and convenience to our customers.”
Know About Twid
Founded in 2020 by Amit Koshal, Rishi Batra, and Amit Sharma, Twid has developed a strong rewards-based payment network. Twid converts reward points into a fully usable currency for various transactions across a vast network of over 100,000 merchants in India.
Twid’s notable partnerships include Axis Bank, YES BANK, IndusInd Bank, Flipkart Supercoin, Intermiles, and PAYBACK, with a total points pool worth approximately $2.2 billion. Twid has also raised $12 million in a Series A funding round led by Rakuten Capital and Google and is part of the VISA Accelerator Program 2023 for innovative payment solutions.
Myntra’s partnership with Twid marks a significant step in enhancing customer experience by allowing the use of reward points for shopping. This collaboration not only benefits customers by increasing their purchasing power but also adds value to Myntra by improving order fulfillment rates. With Twid’s robust rewards-based payment network, Myntra customers can look forward to a more rewarding and seamless shopping experience.
