TWID (That’s What I Do) is a rewards-based payment network that enables customer reward or loyalty points to be used as a payment instrument.
TWID’s technology allows reward point issuers, such as banks, FinTech firms and companies specialising in customer rewards programmes, to connect with large merchant networks to enable redeeming points as a form of payment in both the online and offline world.
The startup’s mission is to provide reward point issuers with a unique and profitable way to engage with their customers by enabling them to save more on every purchase, as well as the ability to earn more through each transaction.
The current rewards and loyalty ecosystem in most countries is fragmented and operates in silos. What’s more, redeeming points can often be a convoluted process. When customers do want to redeem their points, they can only do so at a limited number of places, or have to access various microsites to do so. This complicated process often means that many shoppers let their loyalty programme points lapse, and merchants miss out on building deep relationships with their customers.
TWID wants to change this through their ‘one-click’ experience. Rewards and loyalty point issuers such as banks, FinTech companies, or frequent-flyer programmes can now seamlessly connect their customers to millions of redemption choices for both offline and online merchants. Once on a merchant’s check out page or at a store, customers will have the option to ‘Pay with Rewards’ and have the flexibility to choose which loyalty programme they’d like to redeem their points from to pay for their purchase. They will be able to use a combination of points and digital currency, such as their credit card, netbanking, or UPI, to complete their purchase with just one click.
TWID was founded in Bengaluru in April 2020 by Amit Koshal, Amit Sharma and Rishi Batra. Amit Koshal and Amit Sharma both held leadership positions at Intuit, while Rishi led marquee investments at Bennett, Coleman and Company (The Times Group).
*Angel Investors: Kunal Shah and Rajul Garg