In the eighth episode of TC Show Off, a weekly show that provides startups a platform to showcase themselves, their business models, the core USP etc., Cardback showcases how it’s location-based app makes users aware of every offer and scheme running on their debit/credit or loyalty cards- the moment they enter into a shopping mall or any other spending spot.
“The beauty of the app is that no card numbers are added. We only require basic information like the name of the bank, whether it is a visa or a master card, and what the category of the card is. This is a onetime process, after which the app automatically detects the user’s location and starts showing them what benefits are running on their cards in the places around them,” said Nikhil Wason, co-founder and CEO, Cardback.
Covering a wide range of sectors including dining, shopping, and health etc., the app offers notification of offers such as 15 per cent off on some restaurant, EMI schemes, and cash back schemes, among others. According to Wason, the app’s technology also ensures that the battery of a user’s mobile is not consumed more that it should be. The app claims to have 20,000 users.
Currently available as an Android app, the company is planning to launch apps for the iOS and Windows platforms in the coming months. The firm has also tied up with few banks and loyalty partners who issue cards. Going forward, Wason expect these banks to become paying customers.
However, Rahul Khanna of Canaan Partners India expressed his concerns if the $20 million credit card market of India was growing enough and if it was difficult for users to manage a single credit/debit card they owned themselves.
Wason said that Cardback was not bothered whether there was one credit card or more. Its sole aim is to ensure that people use their card better and without using cash. “Whenever you use cash you are not getting any benefits, you are not getting any reward points, so our main focus is on making people understand that they should use cards wherever possible,” he said.
The firm had raised Rs 1 crore (about $170,000) last month through LetsVenture, an online platform that connects startups with accredited investors, and plans to raise another round sometime next year. “We plan to go global sometime next year. So probably around that time we will be looking for the next round,” Wason said.
Watch the video for more.
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