Razorpay acquires loyalty program firm PoshVine

Digital payments and financial services platform Razorpay has acquired loyalty management platform PoshVine and forayed into the loyalty and rewards management space. Under the deal, PoshVine's 36-member team will join Razorpay and operate its loyalty and rewards vertical. With this acquisition, Razorpay is expected to help banks increase customer retention for their credit offerings through new merchant offers; allow merchants to automate the process of pitching discount offers to banks; provide timely and customised offers to customers while allowing them to pay through credit points of banks. Razorpay also expects to enhance the offline shopping experience for customers by integrating PoshVine's loyalty and reward offerings on its point-of-sale network which it acquired through Ezetap.