E-commerce has emerged as the most popular avenue for redeeming rewards and the kind of rewards offered has an influence on purchase decisions.
A survey by Twid, a leading rewards-based payment network, has found 90 per cent of users opt to use rewards for online shopping and 66 per cent acknowledged that rewards programs influence their purchase decisions.
Offering insights into consumer preferences and behavior, the survey was based on responses from over 1,200 participants, of which 61 per cent were millennials.
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The survey emphasised the growing need for seamless and user-friendly rewards ecosystems.
The survey revealed that earning points for future discounts or freebies (80 per cent) and cashback offers (66 per cent) are what users looked for the most to participate in a rewards program.
In 2025, consumers are prioritising greater variety in redemption options (65 per cent) and higher value for their accumulated points (63 per cent).
Supporting this, over 75 per cent of respondents expressed a strong preference for a single, unified rewards aggregation platform that brings points from various cards, brands and services to a single destination that enhances accessibility and ease of use, it said.
Rishi Batra, COO and Co-founder, Twid said while rewards programs are gaining traction, the challenge lies in delivering instant and rewarding experiences.
Twid’s Pay With Rewards solution addresses the needs by integrating rewards directly at checkout, offering consumers instant rewards, he said.
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Twid has built a rewards-based payment network turning reward points into a fully fungible currency that can be used for anything, affiliations to notable names like Axis Bank, YES BANK, IndusInd Bank, Flipkart Supercoin, Intermiles, and Payback, among others.
Twid has access to points pool of about $2.2 billion. These accumulated points are currently being used at over 1 lakh merchants across India. The company received Series-A funding of $12 million led by Rakuten Capital and Google.