Credit card payments are on rise in India over the last few years. Few reasons are consumer travel has increased, e-commerce based shopping has gone mainstream, consumers do not want to carry too much cash in their pocket as it is a risk & consumers are attracted to value add rewards-based loyalty programs like cash back, miles, & points.
Based on McKinsey research it is clearly evident transaction banking, credit cards and paper transactions will continue to be the industry’s main revenue drivers, mobile payments, e-commerce and debit cards will provide the fastest growth opportunities (Exhibit 2). Rich consumers in top tier cities, for example, will generate the greatest share of credit card volume and profits (Source: McKinsey)
The basic behavior observed is consumers do research online for best cards with good offers from banks, ask friends for recommendations for good credit cards to apply, which banks they like & have good relationships, based on that they apply for cards. Once applied they tend to forget the benefits linked to their cards due to their busy lifestyle.
This is where it gets messy for consumers as cards do not match their lifestyle & behaviors. Few examples are a non-traveler applies for travel / miles card, a person who drives less applies for fuel rewards credit card. This leads to dissatisfaction which results in complaints & bad reviews for cards & issuer banks.
This is where Mohurs app comes to rescue & solve a consumer problem. Mohurs has an Android & iOS app which provides location-based personalized card & coupons recommendations. All consumer has to do is card type of the card & it does not require card number. The app notifies users when they are out shopping around the malls. They have developed geo-fence for more than 1000+ malls across India.
The app solves an important problem for consumers carrying cards & do not remember benefits linked to their cards. Consumers tend to forget card loyalty rewards program benefits due to their busy lifestyle. There is lack of awareness about offers on cards from major banks & networks like VISA, MasterCard, & American express.
The startup has released its app in USA & India market on Android & iOS platforms. Currently, app supports 200+ cards across fuel, shopping, dining, airline miles (travel), etc. There is a crowd-sourced feature to request “add missing card”. The current app features are MVP to identify the correct product market fit.
The app has dedicated “Coupons” section which lists the offers & coupons on bank cards, visa cards, & other online merchant’s coupons.
In the coming month, company will be releasing new feature which will allow users to an apply card opt-in.