- Card-Linked Offers program provides online and offline shoppers with personalized merchant deals on which they can avail cashback offers
- Widely popular in international markets, YES BANK and CashKaro have tied up to become the first providers of Card Linked Offers in India
- This key partnership will enable retailers to target relevant deals to card-holders and significantly ease the cashback implementation process for both consumers and merchants
Mumbai, May 09, 2017: YES BANK, India’s fourth largest private sector bank, today announced a partnership with one of the largest Cashback & Coupons sites CASHKARO.COM, to launch India’s first Card Linked Offers (CLO) cashback proposition - An innovative customer loyalty platform that provides online and offline shoppers with personalized merchant deals on which shoppers can avail cashback offers. The offers are currently available on all YES BANK Debit Cards, and will be extended to all other payment products of YES BANK in the near future which can be used for transacting with merchants.
The transformative technology of CLO program will now enable YES BANK debit card holders to earn customized cashback offers from a wide range of participating online merchants as well as brick and mortar stores including Forever 21, TataCliq, Chaayos, Junkyard Café, UrbanClap, Zivame, Nearbuy, Limeroad, Netmeds, BigBasket, 1Mg and Croma amongst others.
YES BANK cardholders will receive personalized offers on the basis of their shopping patterns which will be communicated via SMS, e-mailers and mobile app notifications. Cardholders simply need to use their YES BANK debit card to pay at these offline stores/websites. Within a few seconds of transacting, customers will receive a message stating their eligibility for cashback and will subsequently receive upto 25% cashback basis the store and type of product purchased by them.
This is a fully automated program removing the need for additional coupon codes and merchant integrations, thereby offering the users a hassle-free experience with offers being personalized to their unique needs. The credit of the cashback to YES BANK Savings Account and YES PAY Wallet is also completely automated right from tracking to settlement.
Ritesh Pai, Chief Digital Officer at YES BANK said, “We are excited to collaborate with CashKaro.com and add the transformational Card Linked Offers to YES BANK’s existing range of innovative digital banking services. We believe Card Linked Offers (CLOs) will play a vital role in enabling and enhancing the personalized rewards experience to our valuable customers which mirrors their shopping preferences and criteria like location, brands and timing. Given CashKaro’s vast experience in the digital advertising and customer marketing field, we have found the perfect partner to help us enrich our customers’ cashless shopping experience with customized rewards”.
This unique digital banking proposition connects the right brands with the right customers using a learning algorithm to analyze cardholders’ shopping behavior and determines relevant offers for them. Given CashKaro’s expertise and prior experience in driving high ROI sales to marketers, it is now transforming shopping by launching this first in the market CLO product in India. In the US and UK companies like EDO Interactive, Cardlytics have achieved significant success and scale in this field and CashKaro is set to follow suit in India.
This first of its kind alliance will also encourage cashless spending by the use of Bank’s payment products and support Government of India’s drive to move India towards a ‘less-cash’ economy.
Speaking about the partnership Rohan Bhargava, Co-founder, CashKaro.com said, “CashKaro is proud to bring this unique Card Linked Offers proposition to India with an incredible partner like YES BANK. We are thrilled to have this opportunity to change the savings experience of millions, especially as CLOs will enable customers to save on both online and offline purchases. Card Linked Offers enable customers to earn cashback in the most seamless manner which reflects into their bank accounts instantly. The model also provides increased targeting, reach and revenue to our retailer partners and does not require any integration and training at their end. Hence, we have seen tremendous response from online and offline retailers wanting to participate in the program. Card Linked Offers also mark CashKaro’s entry into the offline space and brings us closer to our vision of being the ultimate savings destination in India.”
CashKaro.com is India’s largest Cashback & Coupons site and essentially the one-stop-destination for all online savings. CashKaro members earn up to 50% Extra Cashback on their online shopping at their favorite sites like Flipkart, Amazon, Paytm, Shopclues, Jabong & 1500+ sites when they shop via CashKaro platform. CashKaro receives a commission from retailers from which it pays Cashback. This Cashback can be paid to users’ bank accounts as Real Cash or can be redeemed as Gift Vouchers.
CashKaro has raised close to $5 million to date; of which $3.8 million was raised in Series A funding from Kalaari Capital, one of India’s leading venture capital firms. Tata Sons’ Former Chairman Mr Ratan Tata has also invested in the company in his personal capacity.
CashKaro was launched in mid-2013. It was founded by Swati Bhargava and Rohan Bhargava, a young entrepreneur couple who left their lucrative Investment Banking jobs in London to start the Cashback business in the UK (Pouring Pounds) & then expanded it to India. Swati and Rohan are regularly featured in the media amongst top entrepreneur couples in India and are regular speakers at key industry events and national conferences.
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About YES BANK
YES BANK, India’s fourth largest private sector bank is a high quality, customer centric and service driven Bank. Since inception in 2004, YES BANK has grown into a ‘Full Service Commercial Bank’ providing a complete range of products, services and technology driven digital offerings, catering to corporate, MSME & retail customers. YES BANK operates its Investment banking, Merchant banking & Brokerage businesses through YES SECURITIES and its Mutual Fund business through YES Asset Management (India) Limited, both wholly owned subsidiaries of the Bank. Headquartered in Mumbai, it has a pan-India presence across all 29 states and 7 Union Territories in India including an IBU at GIFT City, and a Representative Office in Abu Dhabi.
For more information, please visit the Bank’s website at http://www.yesbank.in/
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