Bengaluru, September 05, 2024 – Infibeam Avenues Ltd (BSE: 539807, NSE: INFIBEAM), India’s premier publicly listed fintech company, is thrilled to announce that its flagship payment brand CCAvenue inks a deal with Loylty Rewardz, as the company expects to garner the lion’s share in the burgeoning Indian consumer engagement space.
Mr. Amresh Acharya, MD & CEO, Loylty Rewardz and Mr. Vishwas Patel, Joint Managing Director of Infibeam Avenues Ltd, signed the agreement on the side-lines of The Global Fintech Fest (GFF) 2024, Mumbai. GFF is the world’s biggest fintech conference, renowned for its transformative thought leadership and exciting product launches.
“We at CCAvenue staunchly believe in providing our business partners with the latest fintech innovations along with new age payment methods that drive revenue,” said Mr. T. Nandakumar Menon, Sr. Vice President – Alliances and Operations, Infibeam Avenues Ltd. “Our win-win partnership with Loylty Rewardz will enable consumers to easily access and utilize their reward points while shopping on innumerable merchant websites powered by CCAvenue payment gateway. This collaboration will boost customer retention considerably for our partner brands, thereby fuelling growth of their online businesses.”
Loylty Rewardz is an Indian customer engagement company delivering end-to-end loyalty solutions. Through its module called Rewardz Hub, customers of over 20 bank and retail loyalty programs managed by Loylty Rewardz can seamlessly redeem their reward points on online payments powered by CCAvenue. The loyalty programme market in India is expected to touch USD 5.37 billion in 2024 and USD 8 billion by 2028. It may almost double by 2033 touching USD 14.5 billion.
“With rising consumption and income levels of consumers, 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 chase a larger share of India’s market, thus expanding loyalty and engagement solutions in the market.
Commenting on this partnership, Mr. Amresh Acharya stated: “At Loylty Rewardz, we are dedicated to innovation in consumer engagement. Our alliance with CCAvenue, a leading payment aggregator will enhance customers’ shopping experience through intuitive and seamless reward point redemption in sync with secure and efficient payment processing.”
With Rewardz Hub integrated into the checkout page on CCAvenue-powered merchant websites, millions of consumers in India can make payments by fully or partially redeeming reward points they have earned on their debit or credit cards.
Through this collaboration, 5000 CCAvenue-powered merchants will be able to reach 500mn unique customers with reward points worth overall INR 20bn accrued through Loylty Rewardz’s retail and banking loyalty programs. Customers stand to enjoy greater convenience, affordability and a superior shopping experience across these online merchants.
