twidpay

About twidpay

Twid is a rewards-based payment network that enables consumers to consolidate and utilize loyalty points from various sources as a form of currency. Founded in 2020 by Amit Koshal, Rishi Batra, and Amit Sharma, the company is headquartered in Bengaluru, India, with a presence in Singapore. The founding team possesses relevant industry experience; CEO Amit Koshal, for instance, has over 15 years of experience, including a role heading a business division at Intuit.

The company operates on a B2B2C business model, partnering with point issuers like banks and brands, and a network of merchants. Twid's platform aggregates reward points from multiple programs, including those from banks, credit cards, and retailers, into a single accessible wallet for the user. This allows customers to see their combined points and use them for transactions. Revenue is generated by taking a percentage of the transaction value when a user makes a payment through the platform, a fee that varies between merchants. For the end consumer, there are no processing fees to use the service.

The service, branded as "Pay with Rewards," integrates into the checkout process of its partner merchants, both online and offline. Users can select this option and apply their aggregated points to pay for all or part of their purchase, covering the remaining balance with traditional payment methods like UPI or cards. The platform has established partnerships with a wide range of companies, including JioMart, Myntra, Swiggy, BookMyShow, and Netmeds, across various sectors. The company has also developed a mobile app that allows users to track their points, receive expiry reminders, and make payments by scanning QR codes at local stores. Since its inception, Twid has secured significant funding, including a $12 million Series A round in August 2022, led by Rakuten Capital with participation from Google.