Private sector lender YES Bank has partnered with CashKaro, the country’s largest to cash-back firm to launch the first card-linked (CLO) cash-back offers.
The partnership will enable a customer loyalty platform that provides online and offline shoppers with personalised merchant deals and avail cash-back offers, reported the Hindustan Times.
The technology of the CLO program will now enable YES Bank debit cardholders to earn customised cash-back offers from a wide range of participating online merchants as well as brick and mortar stores, which include Forever 21, TataCliq, Chaayos, Junkyard Cafe, UrbanClap, Zivame, Nearbuy, Limeroad, Netmeds, BigBasket, Fortis Healthworld, The Beer Cafe and Fresh Menu, among others.
The users will receive personalised 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 the offline and online stores.
Within a few seconds of the transaction, customers will receive a message stating their eligibility for cash-back and will instantly receive upto 25 per cent cash-back depending on the partnership the store or the e-tailer has with CashKaro.
The programme eliminates the need of feeding in the coupon codes, thereby offering a convenient shopping experience. The cash-back will be credited directly to the YES Bank savings account or the YES Pay Wallet, both of which are integrated to one another.
“We are excited to collaborate with CashKaro and add the transformational Card Linked Offers to YES Bank’s existing range of innovative digital banking services,” said Ritesh Pai, chief digital officer at YES Bank.
This first of its kind venture will also promote cashless spending by the use of bank’s payment products and support the central government’s drive to transform India towards a less-cash economy.
“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 cash-back in the most seamless manner which reflects into their bank accounts instantly,” said Rohan Bhargava, co-founder CashKaro.
