Description :
krip is Hong Kong’s first centralized credit card rewards platform. We have centralized and standardized data from 21 banks to aggregate over 6,000 credit card rewards into one database. Our mission is to provide easy access to rewards data for consumers and merchants to maximize awareness and to drive credit card usage.
We address a key pain point of data inaccessibility in the credit card sector. Despite Hong Kong’s sizable credit card market with over U$75 billion of transactions in 2019, consumers continue to access credit card rewards with solutions that are hard to use, single-bank focused, and scattered in rewards coverage. The lack of innovation results in real economic losses: consumers cannot easily discover rewards, banks lose potential credit card revenues, and merchants yield low returns on credit card marketing.
We solve this pain point through a two-phased development plan. In Phase 1, our B2C solution is a web and mobile application that helps consumers search and explore thousands of rewards available to their credit cards. Our platform allows consumers to discover rewards from all banks through our standardized categorization, user-friendly filter functions and rewards recommendations. In Phase 2, our B2B solution is an API product that provides third-party partners access to our comprehensive rewards database to drive their customer strategies. For example, a restaurant platform like OpenRice can use our data to display restaurant-specific rewards that are highly beneficial to their users. Throughout our development plan, merchants and banks will benefit from increased awareness from consumers, driving increased credit card usage and revenues.
Our web application prototype was launched on August 22, 2020 and has achieved 6,610+ search impressions leading to 11,720+ pageviews from 1,620+ site visitors without any paid marketing. We also received preliminary interest in partnerships with leading traditional banks, virtual banks and network partners.