With more brands competing for customer loyalty, rewards programs offer an incentive for customers to come back again and again. Dubai-based rewards app Znap is working with brands to give cashback to customers for brand loyalty.
How does Znap, a cashback rewards app, fit in the fintech space?Â
Znap is an integrated cashback and fintech platform that empowers local businesses and enables them to control their digital presence, discoverability, cashback, and payments.
Fintech is a broad space, ZNAP caters to payments powered by cashback. We manage cashback on behalf of the merchants as the cashback earned by the users are attributed only to the same merchant again.
We also help local businesses facilitate payments with QR code. Users can simply scan the QR code at the selected local businesses and opt to make payments and earn cashback. This is powered and managed by Znap. Users who come back to the same business to make payments via the QR code have their cashback linked and can redeem the same on their next transaction.
Tell me about the tech or algorithm that powers Znap?
This is a custom-built solution based on Python and Fask framework on the backend and native languages for both iOS and Andorid Apps. As the cashback model works differently from the traditional rewards system, we’ve built the system from the ground up. Python gives us the flexibility to analyse and generate intelligence from data.
Why is it different that other rewards apps?
Usually points or rewards have a conversion rate of 100 points to AED1, which means users end up spending AED100 before they can earn AED1.
With Znap, users get real cashback on a 1:1 ratio. The cashback earned at each store can only be used back at the same store again. This encourages the local businesses to give higher reward percentages to the users or consumers as they are more likely to get a repeat customer.
How many people do you have on the app and what are your expansion plans?
We have about 350 local businesses partnered with us. ZNAP’s short term plan is to expand within UAE, and our long term plans, after raising more funds, include expansion within GCC and eventually MENA.
Take me through your funding journey. What funding level are you right now? Are you currently fundraising?
We are currently funded by friends and family and have raised or invested about $1 million. We are currently looking at early stage/seed funding, as we’ve managed to get our product ready to scale.
