FIELD OF INVENTION

The present invention relates to loyalty points. More particularly, the invention relates to management of loyalty points by investing in markets.

BACKGROUND OF THE INVENTION

Loyalty programs have gained popularity through different types of enterprises engaging in commerce. Loyalty program primarily prefers to work on the principal of maintaining an existing customer base rather than bringing in new customers as it is more expensive exercise. The programs also motivate the customer to buy and they make use of the programs remaining resources to acquire new customers. Over the years, loyalty programs have been implemented to increase the use of a product by a current customer or to obtain additional customers.

For implementation of loyalty programs even the use of transaction cards, such as charge cards have been encouraged amongst the participants for making acquisitions. Consumers carry many cards offering loyalty points and collect such points without knowing the exact values and advantages of rewards of the loyalty programs.

Generally, loyalty points accrue in a loyalty account and are earned from different kinds of transactions. These loyalty points may be redeemed for prizes, upgrades, and merchandise. However, the typical redemption process is time-consuming and may be annoying for the consumer, thus degrading the value of the loyalty reward. Also, some of the loyalty points are only valid for a fixed time period and if these points are not redeemed within the fixed time period the points so accumulated lapse. This in turn incurs loss to the customer.

Internet-based services also facilitate the exchange of points or air mileages between various specific loyalty programs. However, these internet based services are limited to exchanging points between only two loyalty programs at a time and hence between only the goods and services associated with those two specific programs. Further the points earned by travel and various other programs become irredeemable by passage of time or discontinuance of loyalty program. Therefore, the value of the rewards and points for many programs are questionable.

Therefore, a system is needed to facilitate an alternate expedited method of managing the loyalty points effectively.

SUMMARY OF THE INVENTION

Accordingly the present invention provides a system and method for redeeming loyalty points and investing in markets. The system of the present invention includes an Infi trade platform configured for investing Infi secure points obtained from redemption of loyalty points, a database for maintaining record of a plurality of users registered with the system for converting loyalty points, buying and investing infi secure points through the Infi trade platform and an Infi secure points investment simulation module configured for generating investment options for the user depending upon market behavioural analysis, the Infi secure points owned by the users and users investment requirements.

In an embodiment, the system further includes at least one bank having an exchange operator for converting bank currency or loyalty points of different redemption value to Infi secure points at a standard exchange rate.

In an embodiment the method of the present invention includes the steps of earning of loyalty points by a user from an issuer in exchange of any transaction done or services availed by the user, logging onto Infi trade platform by the user for registration to create an account, converting the loyalty points earned by the user to Infi secure points at the Infi trade platform at a pre-defined conversion rate by the user, receiving a list of investment options generated by the Infi trade platform based on the Infi secure points held with the user and selecting the desired investment option from the list wherein the investment options are evaluated by a investment simulation module based on market behavioural analysis.

BRIEF DESCRIPTION OF THE DRAWINGS Reference will be made to embodiments of the invention, examples of which may be illustrated in the accompanying figures. These figures are intended to be illustrative, not limiting. Although the invention is generally described in the context of these embodiments, it should be understood that it is not intended to limit the scope of the invention to these particular embodiments.

FIG. 1 is a block diagram of a system for management of loyalty points in accordance with one embodiment of the present invention.

FIG. 1 a shows system architecture for management of loyalty points showing the 2-way integration in accordance with an embodiment of the present invention.

FIG. 2 shows a data flow diagram of a system for redemption and investment of loyalty points in accordance with one embodiment of the present invention. FIG 2a shows a sequence diagram of a method for redemption and investment of loyalty points in accordance with an embodiment of the present invention.

DESCRIPTION OF THE INVENTION While this invention is susceptible of embodiments in many different forms, there is shown in the drawings and will herein be described in detail, a preferred embodiment of the invention with the understanding that the present disclosure is to be considered as an exemplification of the principles of the invention and is not intended to limit the broad aspects of the invention to the particular embodiment illustrated. Various embodiments of the present invention relates to system and method for loyalty points management.

In an embodiment, the present invention provides a management system and method for investing in markets through loyalty points.

In one aspect of the invention, the loyalty points earned through different issuers by various transactions and activities are converted or redeemed as one single form of loyalty points known an Infi secure points at a standard conversion rate using an Infi exchange operator.

In a related aspect of the invention, the Infi secure points may be invested in markets. As per market, return on investments in secure bonds and deposits is maximum 8-9%. However, with the opportunity to invest in markets/bonds through infi secure points, actual return on investment will always be 100%. In one aspect the invention relates to the conversion or exchange of points between different loyalty programs and the purchase and redemption of points for investing in markets. The invention is now described with reference to the drawings, wherein like reference numerals are used to refer to like elements throughout. In the following description, for purposes of explanation, numerous specific details are set forth in order to provide a thorough understanding of the subject matter. It may be evident, however, that such matter can be practiced without these specific details. In other instances, well-known structures and devices are shown in block diagram form in order to facilitate describing the invention.

Referring to Fig. 1 , a system 100 is provided for redeeming loyalty points and investing in markets. The system 100 includes a plurality of users 1 10 registering with the system 100 for converting, buying and investing loyalty points, the system 100 including at least one bank 120 having an exchange operator 122 for converting loyalty points of different redemption value to Infi secure point 130 at a standard exchange rate, a Infi trade platform 140 having an Infi secure points investment simulation module 145 configured for generating investment options for the user depending upon market behavioural analysis and the user requirements. The simulation module 145 includes a database updated on real time basis. The market behavioural analysis is performed based on the values obtained from real-time trade indicator. The investment options like Merchant Gold 150a, Merchant mutual funds 150b, merchant commodities 150c etc are available with the Infi trade platform 140. The system 100 includes at least one program 125 pre-defined in the exchange operator for data flow transfer within the system 100.

In an embodiment, the Infi trade platform includes a loyalty points convertor for real time conversion of the loyalty points earned by the user to standard secure Infi points.

FIG. 1 a shows system architecture 100a for management of loyalty points showing the 2-way integration in accordance with an embodiment of the present invention. The system 100a includes the earning of loyalty points by the user 1 10 through various transactions 180 like flight bookings, hotel bookings, car rental points, Infi-shop, Infi-sports, Infi Bill payment or transactions through POS. In the 2-way integration 155, at least one program 125 is pre-defined in the exchange operator of the system for data flow transfer within the system 100a. The system includes an account management module 195 for creation of customer profile and authorization (standard instructions/protocol) to deduct points monthly for Systematic investment plan (herein after referred to as "SIP") through the Infi trade platform 140. The Merchant/supplier on board 170 interacts with Infi trade platform 140 through configuration manager 190a, Program Payment system 190b, Merchant/Supplier Payments system 190c and analytics module for data flow in the system 100a. In an embodiment the system of the present invention provides an application programming interface (API) integration for investment of the Infi secure points based on the investment option selected by the user by creating an account at a selected Merchant onboard. In a related embodiment the present invention provides a method for redemption and investment of loyalty points in markets. The method includes either direct redemption at Infi trade platform 140 or redemption through bank 120. To elaborate on the method performed by system 100, a reference is now being made to Fig. 2 for explaining the data flow in the system.

FIG. 2 shows a data flow diagram 200 of the system for redemption, buying and investment of loyalty points in accordance with one embodiment of the present invention.

In a related aspect the data flow 200 in the system provides a user/customer 1 10 earning loyalty points 212 from issuer in exchange of any transactions done or services availed by the user 1 10. The user 1 10 logs onto Infi trade system 214 and registers to create an account. The user 1 10 converts the loyalty points to Infi secure points at the Infi trade platform at a pre-defined conversion rate 216. The investment options available for a user 1 10 based on the Infi points held by the user 1 10 are transmitted to the Infi trade platform 218. The long term or short term investment options are displayed to the user 1 10 for investing by exchanging Infi secure points 220. The user 1 10 selects the option and an account is credited at the merchant side to accept the investment 222. In another embodiment, the data flow 200 in the system provides a user/customer 1 10 registering at a banks redemption centre 224 for redeeming loyalty points or buying Infi secure points. The bank currency is converted to Infi secure points at predefined conversion rate 226. The user 1 10 information is attained from the bank database 228. In an alternate aspect the bank points of the user 1 10 are converted to Infi secure points at predefined conversion rate 230. The user 1 10 account is created at the Infi trade platform 232. The investment options available for a user 1 10 based on the Infi points held by the user 1 10 are transmitted to the Infi trade platform 218. The long term or short term investment options are displayed to the user 1 10 for investing by exchanging Infi secure points 220. The user 1 10 selects the option and an account is credited at the merchant side to accept the investment 222. Referring to FIG 2a a sequence diagram 200a of a method for redemption and investment of loyalty points is shown in accordance with an embodiment of the present invention. In an embodiment, the step of creating an account includes creating a login at the Infi trade platform by giving user details. The user details including creating username and password, uploading a KYC document like passport, submitting details of their bank accounts, choosing a method of buying Infi secure points and bank account from the options available with the system, choosing a particular merchant and scheme for investment, setting a particular amount.

A reference is now made to Fig. 1 , Fig 1 a, Fig 2 and 2a for elaborating on the salient aspects of the present invention. The method of the present invention includes an option for setting of a monthly recurring cycle by a user 1 10 to convert banks points into Infi secure points.

In one embodiment the user 1 10 agrees to the terms and conditions of the agreement wherein the agreement is tripartite agreement between user and enrolled merchant 160. The agreement entitles merchant to oblige for the goods purchase and make delivery if asked. It indemnifies Infinia of any risk associated with merchant 160. In an embodiment the user 1 10 of the system 100, selects a scheme associated with a commodity. These schemes are monthly recurring for example Systematic Investment Plan like Gold Investment with lock in for 6 months and minimum investment of 1000 AED.

In an embodiment, the merchants 160 are associated with Infinia for working of the system and these merchants 160 are well known players in the commodity. The sequence in case of a purchase includes checking availability of commodity with the merchant, Infinia trade platform acknowledges the system user of the transaction; the merchant 160 acknowledges the user 1 10 of the transaction for the purchase made by the user wherein the price of the commodity purchased by the user is a spot price fixed by the merchant daily.

In one embodiment the user 1 10 is facilitated to cash out from the transaction at any time. The Merchant 160 buys back the commodity from the user 1 10 or the user/customer cashes out of mutual fund scheme. The user 1 10 also has an option to ask for deliveries of commodities where the merchant 160 would acknowledge and make the delivery possible. In an embodiment the system 100 of the present invention enables investment in commodities by the bank via Sharia law. The bank can leverage their asset portfolio (loans) by investing in the commodity exchange. Further, the banks would be on boarded on the system 100 where the banks can create sub accounts for users 1 10. These accounts are neither visible nor available to users, but are mitigating the risk of return in case of failure in returning the loan back to the bank.

In an embodiment the banks account are cash linked account. The system enables user and merchant to do a transaction and Infinia settles between the bank and merchants.

The aforementioned descriptions are solely for explaining the embodiments of the present invention and are not intended to limit the scope of the present invention. Any equivalent practice of modification to the invention should be treated as being within the scope of patent of the present invention.

Many changes and modifications in the above described embodiment of the invention can, of course, be carried out without departing from the scope of the disclosure and the appended claims.