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PokitPal is a fintech business that is disrupting the established loyalty and rewards industry. The company's mission is to remove costs and complexity from the current delivery models and redirect some of the costs into customer benefits.
The traditional operating model adopted by the loyalty industry has resulted in people being issued with individual loyalty cards that must be shown to retailers in exchange for loyalty points, the points are typically valued at less than 1% of the purchase made. These rewards are then accumulated over a long period of time, possibly years, before being exchanged for something tangible, like a box of wine or a flight.
Pokitpal’s SaaS platform uses real-time transaction data captured from the largest payment platforms in the world including Visa and Mastercard. The data is checked against a list of eligible rewards and cashback is issued to the customer within seconds of completing the qualifying transaction. This innovative approach eliminates the need for POS Integration and loyalty cards and a myriad of IT systems required to maintain balances and manage redemptions.
By offering retailers a simple low-cost solution, the rewards themselves are increased in value and on average users get 10% cashback when they make a qualifying purchase. PokitPal then automates the settlement process between merchants and consumers on its SaaS platform. Unlike alternative loyalty programs, PokitPal’s service means that the retailers avoid the setup and training costs and only pay when a qualifying purchase is recorded by PokitPal.
PokitPal’s SAAS platform has been adopted by a number of corporate partners including Banks and Telcos who wish to reward their customers. Merchant-funded retail offers are displayed in banking Apps that access the content through APIs and the offers are promoted as rewards to the bank's customers.
PokitPal’s platform has reduced barriers to adoption, and instant cashback rewards are being used to change consumer shopping behaviours. PokitPal’s service continues to evolve and uses the following technologies:
Geofencing to identify users within a certain distance from a retail merchant.
Real-time data and a rules engine to select only those PokitPal users that are most likely to respond positively to the rewards.
Automatic payment to be made from the merchants directly to the consumer’s personal bank account with 100% accuracy.
The business plans to introduce artificial intelligence to generate a message/notification to influence user engagement.
