Myntra partners with Twid to offer reward point payments

Fashion ecommerce giant Myntra has announced a strategic partnership with Twid, a rewards-based payment network.

The partnership aims to revolutionize the shopping experience for customers by enabling them to use their reward points for purchases on Myntra. 

The "Pay with Rewards" construct will allow customers to seamlessly integrate their loyalty and reward points from various banks and brands, enhancing their purchasing power.

How will customers benefit from this integration?

The partnership between Myntra and Twid aims to unlock significant customer savings by allowing them to use accumulated reward points at checkout. Customers can leverage points from programs such as Intermiles, PAYBACK (now Zillion), TimesPoint, and various debit/credit card rewards.

The integration was notably utilized during Myntra's recent End Of Reason Sale (EORS), where customers enjoyed substantial additional savings on their purchases, effectively boosting their buying power.

Leadership comments

Amit Koshal, CEO & Co-founder of Twid, said, "We are excited to join forces with Myntra and provide their valuable customers with a rewarding shopping experience. With the power of rewards, we are empowering customers and Myntra with a mutually beneficial channel that will define a new path for customer delight and provide the best value for their customers."

Santosh Kevlani, Head of Monetization, Payments & Fintech at Myntra, said, "Our partnership with Twid not only enhances our customers' shopping experience by allowing them to redeem their reward points seamlessly but also brings significant value to Myntra. By increasing the share of prepaid orders, we've seen a notable improvement in order fulfillment rates, reinforcing our commitment to providing exceptional value and convenience to our customers," said Kevlani.

What does Twid do?

Founded in 2020 by Amit Koshal, Rishi Batra, and Amit Sharma, Twid has built a robust rewards-based payment network. It turns reward points into a fully fungible currency usable for a variety of transactions across a vast network of over 100,000 merchants in India.

Twid's notable affiliations include Axis Bank, YES BANK, IndusInd Bank, Flipkart Supercoin, Intermiles, and PAYBACK, collectively amounting to a points pool of approximately $2.2 billion.

The company has also raised $12 million in a Series A funding round led by Rakuten Capital and Google and is part of the VISA Accelerator Program 2023 for innovative payment solutions.