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Multi-brand loyalty platform Zillion on Thursday announced the launch of Rewards-as-a-Service (RaaS) aimed at serving brands with a redemption platform for rewards.
The company said it is aiming to onboard banks and large enterprises with an extensive distribution network with the launch of the RaaS portal.
For instance, a fintech company offering its own loyalty rewards or points will be able to plug Zillion’s RaaS platform into its portal, where the latter offers a redemption service.
“When the customer is on the fintech or bank's loyalty platform, they will be able to see the balance of their rewards or points. When the customer wants to make a redemption, it will take them to Zillion. The journey will be seamless as customers will not have to sign in multiple times to redeem these points,” said Rijish Raghavan, chief executive officer, Zillion in an interaction with Business Standard.
Raghavan explained that one use case of onboarding the service could include fintechs offering rewards to customers who make payments on time.
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“It all depends on the objectives of the partner that is essentially offering the loyalty points. One such objective for a fintech company could be timely payments. Other use cases may include digital adoption by customers, making processes paperless for fintechs, among others. Now these rewards or loyalty points can eventually find their way into potential redemption opportunities,” he added.
In terms of the business model pertaining to the recent launch, he elucidated that earnings from the service would include a combination of a flat fee and on the basis of the number of customers interacting with the service.
Meanwhile, the company said customers will have options to choose from, including e-Vouchers, products, utilities, air miles, among others. The platform claims to have over 250 choices in e-vouchers, and over 4000 products.
On Zillion, customers can earn 'Zillion coins' for their daily spends, across the network of offline and online partners, including groceries, fuel, entertainment, travel, apparel, among others.
The company’s partnerships include brands from industries such as retail, fuel, banking, payments, entertainment, hospitality, and travel. It has partnered with Hindustan Petroleum Corporation Limited (HPCL), BookMyShow, American Express, Amazon, Flipkart, among others.
Fintech major BharatPe announced the rebranding of PAYBACK India to 'Zillion' in May last year. BharatPe had acquired the company in 2021.
