* A Qatar-based fintech startup seeks to redefine retail ecosystem
A Qatar-based fintech startup is aiming to redefine the retail ecosystem through innovative business-to-customer marketing and to revolutionise the retail industry through digital transformation.
Spendwisor, which is part of the Qatar Financial Centre’s (QFC) fintech circle, has introduced a retail industry-led mobile wallet, and mobile POS (mPOS) integrated loyalty programme that transforms the retail ecosystem by providing an innovative digital platform that accepts mobile payments and rewards shoppers with points and cashback.
Data from Spendwisor indicated that many consumers globally are unaware that they hold “$360bn” worth of unused loyalty points in their wallets. Spendwisor co-founder & CEO Safarudheen Farook noted that the company’s mission is to democratise the reward points and provide freedom for shoppers and profit for retailers.
With Spendwisor, retailers can use the app to accept mobile payments, create cashback campaigns, and issue loyalty points, said Farook, who was one of the industry experts participating in a panel discussion during the ‘1st Arab Fintech Forum’ held in Doha last year.
“Our algorithm tailors the reward programme according to a customer’s shopping habits. Combining payment and loyalty programmes into a single platform lets merchants use the payment data to target the right shoppers and reach them directly,” Farook explained.
Spendwisor co-founder Khalid Easa N A al-Kaabi said, “We are on the verge of revolutionising the retail industry and the entire shopping experience by introducing a one-of-its-kind mobile payment platform where every shopper earns a cash reward instantly after shopping for their favourite brands.
“Furthermore, the reward shoppers earn is ‘brand agnostic’ and can be used or redeemed at any brand, thus providing the complete freedom to earn and spend their rewards.”
Spendwisor has been registered in Qatar Financial Center since July 2020 with a presence in the US and the UK, and offers a unique experience to customers and retailers, said Farook, who added that the company has achieved significant milestones, such as winning the 2nd prize in DIC’s ‘Idea Camp’ competition in 2021, and has established itself as a leading fintech startup in Qatar and the Middle East region.