Business

Razorpay acquires PoshVine to foray into loyalty, rewards space

PoshVine, which witnessed a three times growth in FY 2022, offers payments-linked loyalty and engagement solutions to banks, payment networks and businesses.

DT NEXT Bureau

Updated:28th Sep, 2022 at 4:32 AM

BENGALURU: Full-stack financial services company Razorpay on Tuesday said it has acquired fintech startup PoshVine to foray into the loyalty and rewards management sector. The company, however, did not disclose the acquisition amount.

PoshVine, which witnessed a three times growth in FY 2022, offers payments-linked loyalty and engagement solutions to banks, payment networks and businesses. Since 2016, PoshVine has been offering its loyalty-as-a-service product to over 20 banks and networks such as SBI Card, HDFC Bank.

With over 7.68 crore credit card holders who spent about Rs 1,13,695 crore through online and PoS payments, there is a growing market for banks and merchants to focus on creating unique personalised purchase experiences for end-customers and increasing customers’ spends.

Razorpay acquires PoshVine to foray into loyalty, rewards space

PoshVine, which witnessed a three times growth in FY 2022, offers payments-linked loyalty and engagement solutions to banks, payment networks and businesses.

Also Read

Heavy rain predicted in several dists; heat relief for Chennai

JACTO-GEO demands old pension scheme, repeal of interim payouts

Remarks on DMDK not criticism: VCK president Thol Thirumavalavan

Durai Vaiko's remarks against MK Stalin not right: KN Nehru

TNSTC to operate 2,655 special buses for weekend rush