“Twid’s 2024 Year-End Survey Reveals: Millennials Favor Rewards Over Cashbacks as Over 3 Billion Points Redeemed at Checkout!”

• E-commerce Reigns Supreme: 90% of Users use Rewards to pay for Online Shopping

• Reward Programs Influence Purchase Decisions: 66% of Users Say Rewards Impact Spending Habits

• The Future of Rewards: Consumers Demand Variety, Value, Seamless and Unified Redemptions

• Over 75% Want a Single Unified Rewards destination Across Cards & Brands, Highlighting better consumer experience

• 96% Emphasize the Need for User-Friendly Interfaces to Manage Rewards Programs

16 January 2024, Bengaluru: Twid, India’s leading rewards-based payment network, has unveiled the results of its 2024 Year-End Rewards Survey, offering insights into consumer preferences and behavior when it comes to accumulating and utilizing reward points. Based on responses from over 1,200 participants—61% of whom are millennials— the Survey emphasizes the growing need for seamless and user-friendly rewards ecosystems.

The survey sheds light on the growing adoption of rewards programs and how they are emerging as a competitive alternative to traditional cashback offers. As consumers increasingly prioritize rewards for discounts, freebies, and cashback options, the need for ease and accessibility has become paramount.

E-commerce remains the most popular redemption avenue, with 90% of users opting to use rewards for online shopping, and 66% acknowledging that rewards programs influence their purchase decisions. These findings reinforce the potential of rewards in driving customer loyalty and sustained engagement.

The Survey revealed that in 2024, earning points for future discounts or freebies (80%) as well as cashback offers (66%) are what users looked for the most to participate in a rewards program reflecting a preference for tangible, value-driven benefits. The survey also revealed that with easier access to redeem rewards at their preferred merchants, consumers no longer need to wait for seasonal sales to enjoy discounts and benefits. Instead, they can unlock similar value year-round, making rewards programs more practical and consistent.

Looking ahead in 2025, consumers are prioritizing greater variety in redemption options (65%) and higher value for their accumulated points (63%), indicating opportunities for loyalty programs to diversify and enhance offerings.

The survey also uncovered key pain points in the current rewards ecosystem. A notable 31% of users are unaware of the number of rewards programs they are enrolled in, and 42% use or redeem their points only once a month. As a result, they frequently switch between different payment methods and merchants based on ongoing offers, rather than fostering consistent, repeat purchasing behavior.. This demonstrates the need for integrated rewards networks that centralize access and simplify the redemption process. Supporting this, over 75% of respondents expressed a strong preference for a single, unified rewards aggregation platform that brings points from various cards, brands and services, including airlines, dining, and shopping at a single destination.

An overwhelming 96% of respondents emphasized the importance of a user-friendly interface for managing rewards, reinforcing the demand for frictionless systems that enhance accessibility and ease of use.

Commenting on the insights, Rishi Batra, COO & Co-founder at Twid, said, “As rewards programs gain traction, they’re increasingly seen as a compelling alternative to cashbacks. The challenge lies in delivering instant, seamless, and rewarding experiences. Twid’s Pay With Rewards solution addresses these needs by integrating rewards directly at checkout, offering consumers instant rewards, a wider range of redemption options, and earnings on every transaction—all through a simple and intuitive platform. For Issuer partners, we are continuously delivering elevated consumer experience at highly optimized costs with lower-cost redemption options, while maintaining redemption rates and boosting customer engagement.”