Single.id to address rewards payment issues for retailers

The press release also mentions that Single.id collaborated with 30 of India’s largest brands, including McDonald’s and Shoppers Stop, to offer a complete view of all consumer payment-linked reward redemptions. Prior to the announcement, NDTV Big Bonus, one of the country’s digital reward wallets launched by Enigmatic Smiles, onboarded 250,000 consumers, while Sarvatra Technologies, a payments platform for financial institutions, intends to onboard the next 20 million end users. By allowing retailers to correctly attribute payments-linked reward transactions, Single.id aims to enable them to leverage the channel to reward current customers while also expanding their user base.

Moreover, by leveraging Single.id, payment-linked offers are set to be simplified, connecting shoppers existing credit and debit cards to rewards, and, with Sarvatra in the process of introducing UPI payments, deliver a complete market penetration. In addition to providing customers with the ability to collect value across multiple brands, Single.id intends to decrease the risk of rewarding users for retailers by operating as a universal identifier across various reward programmes for individuals and their payment cards. According to Enigmatic Smile’s officials, considering that a lack of clear attribution for payment-linked rewards results in retailers paying out multiple times on each transaction, the company intends to resolve this challenge through Single.id. The service is set to provide a comprehensive, collaborative, End User Identity, which can offer long-term value to reward programmes, retailers, and consumers. Additionally, any reward programme can integrate the service instantly and access offers from connected brands.

Representatives also underlined that the collaboration with Sarvatra Technologies is aimed at enhancing and simplifying the loyalty experience for retailers, thus allowing them to participate in multiple reward programmes by eliminating multiple payouts. Officials from Sarvatra Technologies stated that their company’s commitment is to extend the benefits of modern payment services to the underbanked semi-urban and rural population of India. The partnership with Single.id enables its client banks operating in these areas to reward their customers. Furthermore, Sarvatra Technologies’ client banks leveraging its UPI switch and Rupay Debit Cards platform are set to receive improved customer experience and loyalty through Sarvatra Rewards.

Single.id aims to consolidate reward balances across multiple reward programmes with a single sign-in, with the service being able to link all participating reward programmes and consolidate a customer’s identity, permissions, consents, and balances.