Twid Unveils Reward Mandates to Revolutionize Subscription Payments

Twid, India's leading rewards-based payment network, has launched 'Reward Mandates,' aiming to embed rewards into recurring transactions. Launched at the Global Fintech Festival 2024, this innovation promises to boost subscription conversions by 12% and reduce churn rate by 15-20%, making subscription models more cost-effective.

Twid, India's premier rewards-based payment network, has announced the introduction of 'Reward Mandates,' a new feature designed to integrate rewards with recurring transactions and transform the landscape of subscription payments. The announcement was made at the Global Fintech Festival 2024 under the NPCI Partner Program.

This groundbreaking solution fills a critical gap in the subscription payment market by automatically including rewards in every recurring transaction. Customers continue to earn points even if their reward balance is low, ensuring seamless transactions and uninterrupted services. This allows consumers to offset subscription costs with reward points, significantly reducing overall expenses.

Applicable across various services—ranging from OTT platforms to utility bills—Reward Mandates also offer cashback as reward points for future payments. The system is expected to boost subscription conversions by at least 12% and reduce churn rates by 15-20%, ultimately tripling the lifetime value of customers. Merchants benefit from a more sustainable and cost-effective model for maintaining customer engagement.

'Offering a sustainable funding method for subscriptions has always been challenging,' said Vaibhav Srivastava, Senior VP-Products at Twid. 'Our Reward Mandates solve this by providing higher conversion and lower churn rates.' Twid, founded in 2020, boasts affiliations with major names like Axis Bank and Flipkart Supercoin and has a substantial reward points pool of approximately $2.2 billion available at over 100,000 merchants across India. The company has received Series-A funding of $12 million led by Rakuten Capital and Google, and is part of the VISA Accelerator Program 2023.

(With inputs from agencies.)