Make money on Instagram! You can now leverage your Instagram following to earn cashback with the help of a newly launched social currency payment card in India.
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You can now leverage your Instagram following to earn cashbacks with the help of a newly launched social currency payment card in India. Named WYLD, this is one of the world’s first social currency payment cards that was launched in Mumbai on Monday (April 24).
Powered by Visa, the WYLD platform will allow everyday social media users (with as little as 1000 followers) to leverage their Instagram following to earn cashbacks on everyday spending, the company said in a statement. The platform is currently invite-only, and open to the first 5,000 users on their waitlist of 10,000 potential customers, for their beta-testing phase, it added.
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WYLD was conceived in 2021 as a Fintech and Martech mobile app and payment card, based on the idea that nano and micro social media users are the true disruptors of this market.
How to get WYLD card
The app will let anyone with over 1000 followers on Instagram and a ‘WYLD Score’ of over 100 to apply for the WYLD payment card. The WYLD Score is determined through an algorithm which analyses a user’s social media usage – their followers, reach, frequency of posts and stories, and the engagement on these posts by their followers.
How to use
Users will have to make purchases using the WYLD card, post about their purchase on Instagram, and earn cashback, ranging from 30 -100% of their transaction value, back into their card wallet, the company said. The cashback percentage will be determined by the person’s WYLD Score. Higher the score, the higher the cashback.
“We are thrilled to officially launch our platform, and open it up to our users in Mumbai to begin with. We aim to disrupt the space by essentially digitising ‘word-of-mouth’ marketing. The paradox is that while everyone on social media has influence in varying degrees, the market is currently focussed on the 1% with large following, despite nano-influencers having a higher, more organic engagement rate,” said Speaking on the occasion, Rij Eappen, Co-founder & COO of the company.
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“Today’s social media users largely consist of young millennials and Gen Z who are extremely savvy, socially active and are always on the lookout for deals and pocket-friendly methods of upgrading their lifestyle, and WYLD helps them achieve this,” he added.
The company has partnered with over 200 brands across several verticals, including restaurants, bars, events/concerts, fashion, beauty, footwear, and electronics with brands like Social, Smoke House Deli, Boat, Lenskart, Purplle etc.
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According to the statement, WYLD processed over 700 transactions worth over Rs. 10 Lakh, and generated over 500 pieces of content from just 100 users in their closed group Alpha testing phase, with an 85% retention rate. WYLD will start its Beta phase in April 2023, by taking in users from its waitlist of over 10,000 potential users.
The startup has raised $350,000 in pre-seed funding, led by Better Capital. The round also saw participation from renowned entrepreneurs such as Aman Gupta and Sameer Mehta, co-founders of boAt Lifestyle; Aditi Shrivastava, co-founder of Pocket Aces; Malini Agarwal, founder of MissMalini; Nikunj Lotia, popularly known as BeYouNick, and others.
