As loyalty programs continue to gain popularity for their ability to reward frequent shoppers, the problem with the traditional loyalty and rewards industry remains the same. Canadians are forced to split their support amongst several companies requiring a different card, code, coupon, or app to collect rewards.
Rewards can often only be spent in one place and are often difficult for members to track due to complicated point systems that can equate to little monetary value. That’s no longer the case, thanks to innovators like Toronto-based startup Paymi, who is removing the effort and guesswork from traditional loyalty and rewards programs by simplifying the reward experience and treating cash as king.
“Canadians love loyalty programs, but the whole premise of the loyalty industry is undergoing a period of transformation and disruption,” says Paymi co-founder and CEO John Flett. “The legacy programs have seen great success, but today’s consumers and merchant partners expect much more.” As a card-linking rewards platform, Paymi seeks to provide more by delivering on a different value proposition for both users and merchants.
It’s interesting to see companies develop robust loyalty programs, whereas others have opted to use reward-specific platforms like ourselves to gain a competitive advantage in their category.Rob Shields, Paymi co-founder and CCO
The art of double dipping and accelerated earnings
By providing a frictionless transaction in which consumers receive cash back from retailers themselves, Paymi enables members to gain accelerated earnings when they shop with Paymi partners, like CIBC, Leon’s, Urban Barn, Indigo, Staples, Burger King, and Mary Brown’s.
“We’re giving consumers what they want by bringing greater value to members and our merchant partners,” says Paymi co-founder and CCO Rob Shields. “Paymi enables users to earn cash on top of their credit and debit card rewards without having to remember to show another card or activate a particular offer.”
Loyalty revolution advances data capabilities
Although the consumer value is evident, Paymi is also providing merchants with the opportunity to advance their acquisition and loyalty needs. “It’s interesting to see companies develop robust loyalty programs, whereas others have opted to use reward-specific platforms like ourselves to gain a competitive advantage in their category,” says Shields. “By leveraging advanced technology to create a seamless and responsive cash back platform, companies have rushed to sign onto our platform due to our ability to reach and reward customers and non-customers alike, without any integration, and drive substantial share shift. For some brands we’ve shifted share by 37 percent.”
The convenient, effortless, and rewarding transaction model of disruptive startups like Paymi is unquestionably changing the loyalty landscape in Canada, ushering in a new era of empowerment for both consumers and brands in the process.
With over $1 million in rewards given in 2019, Paymi’s seamless experience and ability to give cash rewards are why so many Canadians are signing on to the platform.