WYLD, the world’s first social currency card, was launched in Mumbai (India). This card is a Visa Card. This platform allows affiliation for those who have more than 1000 active followers on Instagram. Those kinds of users are eligible to apply at the WYLD platform.
If users with a minimum of 1000 followers on Instagram buy any products in (WYLD partner brand) and upload photos on Instagram and tag WYLD and partner brand they should earn cashback on bought products. The app lets anyone with over 1000 followers on Instagram and a ‘WYLD Score’ of over 100 apply for the WYLD payment card.
The WYLD Score is determined through an algorithm that analyses a user’s social media usage – their followers, reach, frequency of posts and stories, and the engagement on these posts by their followers.
Who Owns WYLD? #
Yash Sakhlecha is the Co-Founder and CEO of Wyld. Dishant Sanghvi, and Aashna Sakhlecha, Rij Eappen is the COO and CMO
How does a WYLD currency card work? #
The Wyld Social currency card can also be used as a regular debit or credit card for making payments, adding another layer of practicality and use for everyday purchases. By creating a socio-economic opportunity for different levels of influencers to earn, the Wyld card is reshaping influencer marketing and providing a path for users to monetise their daily social media activities.
How does WYLD work? #
WYLD is a startup company that recently went to Shark Tank Season 3 and raised a fund of INR 75 lakhs at 50 Cr of company valuation.
Social Currency Card: WYLD issues a social currency payment card that users can use like a regular debit or credit card for making payments. However, it goes beyond traditional banking by integrating social media influence.
WYLD Score: Users with over 1000 followers on Instagram can apply for the WYLD payment card. Their eligibility is determined by their WYLD Score, an AI social scoring system. This score considers factors such as followers, reach, engagement, post frequency, and story interactions. It shifts the focus from mere follower count to genuine organic traction.
Cashback Mechanism: When users purchase products from WYLD partner brands, they can earn cashback by posting about their purchases on Instagram and tagging both WYLD and the brand. The cashback percentage depends on their WYLD Score. The more influential their social media presence, the higher the cashback.
Brand Partnerships: WYLD collaborates with over 200+ brands across various sectors, including restaurants, bars, events, fashion, beauty, footwear, and electronics. Brands allocate a portion of their marketing budget to nano influencers (Instagram users with 1000 to 10,000 followers) who have high engagement rates. These nano influencers create a more authentic market for the brands’ products.
How does WYLD make money? #
WYLD, the world’s first social currency payment card, has a unique revenue model that leverages the power of social media. Here’s how it works:
Interchange Fees: Like any fintech company, WYLD charges an interchange fee for every transaction made using the WYLD card. This fee contributes to the company’s revenue stream.
Share in Cashback: WYLD also receives a share of the cashback offered by partner brands. As users earn cashback, a portion of it goes back to WYLD, creating a sustainable business model.
Platform Fees: WYLD earns from platform fees. When users make purchases using the WYLD card and post about their purchases on Instagram, they earn cashback. This cashback, ranging from 30 -100% of their transaction value, is determined by the user’s WYLD Score.
Earning from Partner Brands: WYLD earns from partner brands who promote their products naturally on Instagram. The company has partnered with over 200 brands across various verticals, including restaurants, bars, events/concerts, fashion, beauty, footwear, and electronics.
Currently, WYLD is not profitable as it is in the investment phase. However, with the growth of the influencer economy and the unique value proposition of the WYLD card, the company may become profitable in the future.
In summary, WYLD bridges the gap between social media influence and financial transactions, empowering everyday users to monetize their online presence while reshaping influencer marketing. So, the next time you make a purchase, consider tagging WYLD and enjoy the benefits of your social currency! 🌟💳📸
How is cashback paid out? #
According to the WYLD AI, the social scoring system decides the score and then cashback earns up to 100%. All users have to do is 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 cashback percentage determined by the person’s WYLD Score.
Future growth engine #
The influencer economy is growing at an exponential rate across the world. WYLD plans to grow its user base to 100,000 users by the end of 2024 and is currently developing a card variant for establishing influencers and content creators.
FAQs #
1. How can users make money on the WYLD Social Cashback Card? #
WYLD said that users can earn 30-100 percent cashback on purchases.
2. Is WYLD a Profitable business? #
Currently, WYLD is burning cash after a few years WYLD may be a profitable startup Company.
3. How can an Influencer earn cashback on WYLD? #
WYLD said that users can earn 100% cashback on purchases.
4. Which company provides a WYLD (Cashback Card) type solution In India? #
EnactSoft provides innovative solutions to internet marketers, including tools related to coupons, cashback, in-store cashback, crypto cashback, and charity cashback.
