[Exclusive Interview] This Is India's 1st Social Currency Card Which Gives Cashbacks Based On Your Instagram Followers


Mohul Ghosh

Mohul Ghosh

May 02, 2023


Recently, we interacted with representatives from WYLD – India’s 1st ever social currency card! Here are the interview highlights:

[Exclusive Interview] This Is India's 1st Social Currency Card Which Gives Cashbacks Based On Your Instagram Followers

1- What exactly is a social currency card and the ‘WYLD score’?

A. At WYLD, we believe that everybody in the world has influence, in varying degrees. Social media allows us to quantify a persons influence, aka their social currency. A social currency powered payment card allows users to monetise their influence (just like influencers do) with every purchase they make with the WYLD card.

2- How can an individual get the card?

A. Users can download the WYLD App, sign-in via their instagram login, fill in their details and KYC, and they will be accepted if they are eligible. To be eligible for the WYLD card, one needs to have just 1000 + followers on Instagarm, an open profile, and a WYLD score of 100 and above.

The WYLD Score is our our proprietary AI based social scoring algorithm, which assigns a score to every user based on various parameters like their number of followers, reach, engegment, frequency of posts, whether they have fake followers and many others. The WYLD Score is dynamic, and will keep getting updated on the basis of a user’s social media activity. The score determines a users eligible cashback percentage. Higher the score, higher the cashback.

3- What are the benefits of getting WYLD card?

A. The WYLD card is a VISA powered pre paid card, just like your bank debit card, and can be used at any physical point of sale, or digital payment gateway, like e-commerce or D2C online stores. The way it works is very simple, our users load the card using UPI / bank account or any debit or credit card, and shop at our wide range of partner brands, online or offline, using the WYLD card. Once the transaction is complete, they can choose to post about the product / brand on social media within 30 days of transacting, and earn substantial cash-backs on their purchase (anywhere from 30-100% of their transaction value), based on the WYLD Score.

4- How do brands benefit by partnering with WYLD?

A. One of our core beliefs at WYLD is that there couldn’t be a better evangelist for a brand than their own customer. WYLD allows brands to leverage the social clout of every customer that we send to them. Their benefits are multifold: 

A) Through WYLD, they get a customer who in turn becomes a marketer for them. 

B) They get visibility to a pan-India consumer base

C) They’ll have better ROI than traditional influencer marketing initiatives, because as compared to influencer campaigns, where the most cost-effective campaign they can run is a barter campaign, or a more expensive campaign where they send a product + pay the influencer a fee. With WYLD, we send them a paying cutomer first, who makes a full price purchase, and that customer than markets the brand, and the brand only pays a percentage of whatever the customer has spent back as a reward. 

D) Through a digitised word of mouth marketing via WYLD, they reach similar target audiences as that of their customer, because nano and micro social media users are usually followed by friends and family, or their immediate circle of influence. 

E) The cashbacks are metric based, on the basis of the WYLD Score. 

5-How does the card help users earn money?

A. For a user, every purchase they make is purely a spend. WYLD allows them the opportunity to earn back a substantial part of their spends, every time they shop at our partner brands. This not only helps them save more, to spend more, but also could upgrade their lifestyle, as they can now shop at brands they couldn’t hereto afford.

6-What are your future plans?

A. We’ve launched in Mumbai in this phase, and will start rolling out to other metros from the third quarter of 2023, and eventually to Tier 1 and 2 cities from next year onwards.

Going forward, we’ll have a credit card version of the WYLD card as well, and a loyalty program for non-partner brand transactions as well, which will incentivise user to make WYLD their primary card. 

We will start integrating other social media platforms as well from next year onwards, Allowing users from twitter, snapchat, LinkedIn, Facebook etc to leverage the WYLD platform.


Mohul Ghosh
Mohul Ghosh
  • 918 Posts

Subscribe Now!

Get latest news and views related to startups, tech and business

You Might Also Like

Recent Posts

Related Videos

   

Subscribe Now!

Get latest news and views related to startups, tech and business

who's online