TWID (That’s What I Do) is a reward-based payment network. It raised $2.5 million in funding led by BEENEXT and Surge. TWID has headquarters in Singapore and India.
In October 2020, TWID was founded in Bengaluru by Amit Koshal, Amit Sharma and Rishi Batra. The e-commerce and digital payment industries have been changing dramatically, especially since the beginning of the COVID-19 pandemic.
Although loyalty programs that allow customers to accumulate points and redeem points are also available, the current rewards and loyalty ecosystem worldwide is fragmented and not very active.
TWID is a technology platform that aims to solve problems around the world with reward program platforms. It assembles various rewards points between publishers and converts points into a usable payment instrument and popularized it across TWID’s brand and merchant network.
The company’s co-founder Amit Koshal introduced a platform that unifies these disparate rewards platforms via a ‘one click’ experience. With ease of use, the company will bring more repeatability and interactivity between merchants, brands and their customers.
With this platform, TWID aims to provide issuers with reward points for interacting with their customers, and may allow the customers to save more and potentially earn more for each purchase.
TWID makes payments private and fast because users can pay with reward points anywhere. Over the last six months, TWID has grown rapidly and managed to simplify the customer journey by bringing loyalty programs together through a unified interface.
Thanks to that, the system has processed more than 1 million transactions so far.
TWID is creating a whole new net for how people view rewards from loyalty programs. The platform may have the same long-term potential as the traditional payment networks that exist at present.
Publishers can convert rewards from a liability into income streams while sellers and buyers can be given more options in making payments.
TWID is a potential opportunity to develop new digital solutions to help companies and individuals gain more from loyalty programs that are likely costing issuers too much, and giving customers too little.