Mumbai: Single.id is world’s first cross-reward-programme-identifier.
Whenever a consumer claims a retailer’s special offer using a discount voucher, it’s easy for the retailer to attribute the source of such redemption, because they take delivery of the physical voucher. When it comes to linking offers to payments, this is a lot more complicated.
There are many players in the transaction value chain, from card issuers, payment gateways, card acquirers, card schemes and open banking, so attributing the source of an offer claimant is very hard. One payment only generates one payment transaction so it should only generate one reward, but this isn’t always the case.
When many different transaction streams and payment apps are available, a lack of clear attribution for payment linked rewards results in Retailers paying out multiple times on each transaction, depleting their ROI and creating a strong resistance to participating in multiple Reward Programmes.
Enigmatic Smile solves this very real concern for Retailers with its Single.id service. Because it operates as a cross-reward-programme-identifier for every individual and their payment cards, as a network effect kicks in, Single.id establishes itself as a provider of End User identity across the entire retail rewards space – something no other competing system has achieved. This single identity, ascertained and deduced from multiple sources, becomes a huge value over time for Reward Programmes, Retailers and End Users.
Indiantelevision.com caught up with Enigmatic Smile’s CEO BishSmeir and country head Chandra Bhushan, where they talked about their recent collaboration with three new large partners in detail.
Edited excerpts
On the significance of Single.ID's collaboration with these three new very large partners
The collaboration between Single.ID and our three new very large partners in Fintech/Retails industry represents a significant shift in the Reward tech landscape by revolutionizing the way rewards are attributed in payment transaction with user consent. This collaboration streamlines the process for retailers, offering clear attribution for reward claims, and enhances the overall efficiency and effectiveness of reward programs.
On specific benefits can customers expect to see from this collaboration
Customers can anticipate several benefits from this collaboration. Firstly, they'll experience a smoother and more streamlined rewards claiming process, eliminating the confusion and frustration often associated with multiple reward programs. Secondly, by consolidating their rewards under a single identity across various merchants, customers can maximize their rewards potential and simplify their cashback earning and redemption across 20 thousand touch points by giving their consent.
On ways you anticipate that this collaboration will differentiate Single.ID from other players in Fintech
This collaboration positions Single.ID as a leader in Fintech by offering a unique solution to a longstanding challenge. Unlike other players, Single.ID's cross-reward-programme-identifier seamlessly integrates with partners, providing unparalleled clarity and efficiency in reward attribution. This differentiation sets us apart as innovators inreward systems landscape.
On maintaining the security and privacy of customer data within the framework of this collaboration
Security and privacy are top priorities for Single.ID in our collaboration with partners. As part of our strict data protection measures, we adhere to industry-leading standards and regulations to ensure the highest standers of security and privacy for our users. We take explicit consent from users for everything we do, we are DSS PCI Compliant Level 1 Service providers and adhere to GDPR framework.
On role of technology playing in facilitating this collaboration and maximizing its potential impact
Technology plays a central role in facilitating our collaboration with various partners and merchants, enabling seamless integration and efficient reward attribution across multiple platforms.Single.ID harnesses the power of technology to optimize the effectiveness of reward programs and enhance the overall Reward Tech experience for customers and retailers alike.
On future opportunities you envision arising from this collaboration
We see tremendous potential for growth and innovation stemming from this collaboration. As the reward tech landscape continues to evolve, we aim to expand our partnership network, further enhancing the reach and impact of Single.ID's cross-reward-programme-identifier. We remain committed to fostering long-term relationships with our partners in banking and non-banking segments, exploring new opportunities for collaboration and driving continued advancements in Fintech industry.
