Indian retailers increase adoption of integrated loyalty programs through mobile app; Future Group launches Future Pay

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Managing multiple loyalty programs under one mobile application along with mobile wallet is catching up with retailers in India. Over the next 4-6 quarter, PayNXT360 expects a range of such applications to be released by all leading retailers as the competition intensifies further in the market. Key focus will be on offering one touch point for all loyalty programs and collaborate with mobile wallet companies to delight customers. The Indian mobile payment is expected to post strong growth over the forecast period, and this trend will add to the story. According to PayNXT360, the Indian mobile payment market is expected to record a CAGR of 50.4% from 2016-2020 to reach over US$ 49 billion in transaction value terms by 2020.

Indian retail network Future Group has recently launched digital loyalty wallet Future Pay which will work across the brand’s retail outlets Big Bazaar, Ezone and Home Town. The wallet has been powered by Oxigen Services and can be loaded using debit or credit card as well as via net banking. It can also be topped up with cash at company’s retail outlets. It is currently operational for Big Bazaar outlets and will extend to other retail outlets by end of 2016. Future Pay has a unique price match feature which compares prices of commodities on customer’s purchase lists with competitor prices and if it finds a lower price, the difference is credited into wallet account of the customer. With this initiative, Future Group has eliminated the need to carry multiple loyalty cards as each of them can linked directly to the wallet. It is currently available in Google Play Store, but the brand plans to make it available across other platforms as well. Future Pay has already registered 60 thousand downloads and expected reach 10 million mark by end of 2017.

With this launch, Future Pay is set to increase competition for existing mobile wallets such as Mobikwik, Paytm, PayU and such like. Future Group plans to partner with other digital wallets and payment schemes to attract more consumers and build up a secure profit generating source. It has already partnered with financial service provider Bajaj Finance to facilitate EMI structure for grocery and household purchases up to USD 5,000.

To know more and gain deeper understanding of mobile payment industry in India, click here.