NEW DELHI, June 14:  Twid, a rewards-based payment network, plans to significantly expand its merchant partner base to two lakh by the end of the current financial year.

  Twid merchant partners much in excess of 1 lakh include marquee names like Swiggy, redBus, boAt, Myntra, Makemytrip, Bookmyshow, Jiomart, Netmeds, Ixigo, ConfirmTkt, and Vodafone Idea.

“The company had crossed 1 lakh merchant partners milestone in March 2024 and we hope to close this financial year with merchant partners number going up to 2 lakh,” Twid co-founder and CEO Amit Koshal said in a statement on Saturday.

Twid is a platform that allows users to pay with their accumulated reward points at various online and offline merchants. It acts as a bridge between consumers, reward programmes, and merchants, enabling users to redeem their points for purchases.

“Traditional rewards systems often operate within a closed-loop ecosystem, offering limited redemption options. Users typically redeem rewards by purchasing gift cards, booking travel, or converting points into cash. Unfortunately, these redemption options occur infrequently (usually once every six months), resulting in low customer engagement,” Koshal said.

Twid has transformed this approach by enabling users to seamlessly earn and redeem points directly at merchant checkouts, he said, adding that users no longer need to remember loyalty card numbers; instead, they can use their mobile numbers for quick redemption.

This frictionless experience drives high levels of loyalty engagement and as a result, banking and non-banking rewards issuers have seen increased transactions on their platforms, making the system profitable, he said.

With increasing strength in new merchants and new issuer partners slated to go live in the upcoming quarters, Twid is well-positioned and aiming to grow 200 per cent by the end of FY26.

Founded in 2020, Twid has built a rewards-based payment network turning reward points into a fully fungible currency that can be used for anything, anywhere. (PTI)