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Future Group’s mobile wallet 1.2M users; Loyalty programs have 30M

Future Pay, the mobile wallet from the Future Group, has 1.2 million "users" or customers, who have in excess of Rs 42 crore wallet "uploads", the company has said in its annual report. The Future Pay wallet is essentially linked to the Oxigen wallet, and was launched in October last year. Future Group doesn't have a wallet license from the RBI. The wallet works for all Future Retail stores (including Biz Bazaar, Hometown, ezone etc), and links all coupons, loyalty cards in a single app, apart from also providing comparison shopping and virtual receipts. At the time when the app was launched, Oxigen’s chairman Pramod Saxena had told MediaNama that all loyalty points from Future Group will be stored on Future Pay, and if a customer does not have enough loyalty points to complete the purchase, they can load additional funds through the Oxigen Wallet. Future Pay also allows users to redeem points from Payback. The comparison shopping bit is interesting: Future Group the app allows users to scan their invoices and then compares the prices of products with competitors using a third party database which has both online and offline stores listed, and adds the difference to the customers Future Pay wallet as a cashback for using in later purchases. The company said that during the financial year (ended 31st March 2017), around 300,000 price comparisons were done via the application. Note that Future Group reported over 300 million customers in FY17, generating more than 143 million bills, buying 1.2 billion units…

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Written By

Founder @ MediaNama. TED Fellow. Asia21 Fellow @ Asia Society. Co-founder SaveTheInternet.in and Internet Freedom Foundation. Advisory board @ CyberBRICS

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