Reward Points / Milestone Benefits Through MPower

Credit cards (CC) have become indispensable financial tools, offering more than just transactional convenience. Reward programs associated with credit cards, such as MPower, enhance user experience by providing value-added benefits.

The MPower program integrates reward points and milestone benefits, making credit card usage more rewarding. Here’s an overview of what these terms mean:

1. Reward Points: Reward points are accumulated based on card usage. Every transaction, whether it’s shopping, dining, travel, or utility payments – earns points. These points can later be redeemed for a variety of rewards – including cashback, vouchers, merchandise, or even discounts on future purchases.
2. Milestone Benefits: Milestone benefits are perks offered upon achieving specific spending thresholds within a defined period. These benefits could include additional reward points, fee waivers, free tickets, exclusive discounts, or special membership upgrades.

The MPower program stands out by offering:

• Enhanced Earning Rates: Higher points for specific categories like dining or travel.
• Tiered Rewards: Incentivizing customers to spend more and unlock premium benefits.
• Flexibility: Freedom to redeem points across a wide array of partners and platforms.

By understanding and utilizing these features, users can maximize the value of their credit card usage, turning everyday transactions into tangible rewards.

• Below are few of the applications build for reward calculation and milestone benefits:
  1. Digital Card:   The customer who has opted Digital card (logo 761), any transaction done with amount greater than or equal to Rs.500 on this card then as per defined product configuration they will get rewards basis number of transaction done and milestones achieved.
  2. MPower Functionality:
• Calculate reward points based on the eligibility criteria.
• Post reward points on vision plus.
• Generate report and share it with user.
  3. Bonus points automation: This Particular project deals with checking whether the cardholder has fulfilled the criteria of milestones spends or more in last anniversary year from card set up date and then rewarding the bonus points to the cardholders. For this process to function smoothly, the accuracy in calculation and checking the milestones must be performed correctly. Hence, to avoid any errors that might occur due to manual approach, Automation of the process is carried out.

MPower functionality:

• Scheduler will fetch data from DWH on daily basis for the eligible records.
• Calculate the reward points based on the spends.
• Post reward points in vision plus.
• Generate output report and share it with the user.
  4. Milestone Benefits: For predefined credit card products, the milestone benefit program is introduced, which offers reward points to the customers at the billing cycle day within the anniversary year.

MPower Functionality:

• Update the “Reward Points”, “Transaction Code” and “MCC” masters on the portal.
• Scheduler to fetch data from DWH.
• Scheduler to store the transactional data in base table.
• On every billing cycle check net transaction amount and if eligible, generate GTTD and Memo/Notes.xlsx file for the qualified records.
• Converter to convert GTTD & Memo/Notes .xlsx file into .txt file
• Sharing the .txt files to V+.
• Mail alert to be sent to the user for each activity performed.
• MIS containing step wise reports to be provided.

Benefits Of MPower Application:

1. Activity wise MIS generation on daily basis.
2. Summary/Escalation mail alerts are sent to users.
3. Dashboard functionality provided to users to track the status of records
4. Maker/Checker functionality provided for authorizing the decision which needs to be taken against any configuration provided.
5. Search screen provided to users for finding out the status of a particular record.
6. Based on criteria set by bank reward points are allotted to customers by posting files in V+.
7. Automated generation and posting of files in V+.
8. T+1 check whether the files are posted in V+ or not.