Fintech firm Infibeam Avenues’ flagship payments brand CCAvenue has partnered with Loylty Rewardz as the company looks to grab a bigger share in the burgeoning Indian consumer engagement space.
Amresh Acharya, MD & CEO, Loylty Rewardz and Vishwas Patel, Joint Managing Director, Infibeam Avenues Ltd, signed the agreement at the Global Fintech Fest (GFF) 2024, Mumbai.
“At CCAvenue, we strongly believe in providing our merchant partners with the latest innovations in financial technology along with state-of-the-art revenue-generating payment methods,” said T. Nandakumar Menon, Senior Vice President, Partnerships and Operations, Infibeam Avenues Ltd.
“Our win-win partnership with Loylty Rewardz will enable consumers to easily access and use their rewards points when shopping on countless merchant websites that use the CCAvenue payment gateway. This collaboration will significantly increase customer retention for our partner brands, driving growth for their online businesses.”
What does Loylty Rewardz do?
Founded in 2008, Loylty Rewardz is an Indian customer engagement company offering end-to-end loyalty solutions.
Loylty designs and manages loyalty and customer engagement programs for over 20 banks and brands, and empowers over 60 retail brands with outcome-based loyalty solutions to enhance their customers’ experiences with a range of data-, MarTech- and technology-driven products and services.
Loylty Rewardz has partnered with CCAvenue to offer the ‘Rewardz Hub’ redemption module, which will enable customers of its more than 500 million loyalty program accounts to redeem points online through its network of retail partners across the country.
The loyalty program market in India is expected to reach $5.37 billion by 2024 and $8 billion by 2028. It could nearly double by 2033, reaching $14.5 billion.
“With rising consumption and consumer income levels, the loyalty industry in India is poised for accelerated growth,” said Amresh Acharya, Loylty Rewardz, adding that the growing spending power of the Indian consumer is prompting many global and domestic brands to pursue a larger share of the Indian market, thereby expanding loyalty and engagement solutions in the market.
Comments from the leaders
Commenting on this partnership, Amresh Acharya said, “At Loylty Rewardz, we are dedicated to innovation in consumer engagement. Our partnership with CCAvenue, a leading payment aggregator, will enhance the shopping experience of customers through intuitive and hassle-free reward points redemption, in sync with secure and efficient payment processing.”
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