Recently, Malaysian smart payment app, Fave announced its recent collaboration with Involve Asia, a global affiliate marketing platform, to create a new affiliate merchant programme called Cashback Mall.
Through Cashback Mall, Fave users will be able to earn Fave Cashbacks and Fave eCashbacks when purchasing from participating stores. The brand shared that the cashback can later be used at FavePay, Deals, and eCards merchants.
This includes the addition of popular brands like Adidas, Agoda, Decathlon, AirAsia, Lazada, and Klook. These brands are part of Involve Asia’s clientele, and Fave users can now shop them through Cashback Mall.
For context, Fave cashbacks are obtained from refunds of transactions on Fave, and also promo code campaigns on the app. It can be used first to offset future transactions on Fave, be it FavePay, FaveDeals, or eCards.
On the other hand, Fave eCashbacks are earned through promo code campaigns using Fave eCashback promo codes. These can be used to offset the next FaveDeal or eCard purchase, though they’re not applicable to FavePay transactions.
The amount of Fave cashback earned is said to be determined by the participating brands.
Speaking to Vulcan Post, Chen Chow Yeoh, the co-founder of Fave, explained that there is no cap or limit as to how much of this can be earned. This is on the condition that the purchases are made on participating brands through Cashback Mall.
“For Fave eCashback, it will vary depending on campaigns and promotions that Fave runs separately,” the Malaysian company clarified.
How it actually works is users need to select the Cashback Mall category on the Fave app, then choose a participating merchant and make transactions through the affiliate link that’s provided.
Transactions are said to be tracked and details of the cashback amount will be given to users within seven days of purchase.
Upon confirmation from participating merchants that there are no cancellations, no refunds, and the eligibility conditions (stated prior to affiliate link redirect) are met, the Fave Cashback and Fave eCashback will be credited to the user’s account.
“The user will then be able to make use of this Fave Cashback and Fave eCashback on subsequent purchases, stackable with their Fave merchant partner loyalty cashback. The user will be able to get maximum savings,” he said.
Speaking on the collaboration, Yeoh shared that young consumers are now driving Southeast Asia’s digital economy. “Over the past years, individuals have embraced reward-based payment transactions in a big way.”
CNBC reported in June 2023 that Southeast Asia’s digital economy may be set to hit US$1 trillion by 2030. The annual growth rate across six ASEAN countries, including Malaysia and Singapore, is projected to be 6%.
On the same note, S&P Global Market Intelligence estimated that Southeast Asia’s aggregate cashless retail payments market is projected to grow at a CAGR of 14% to reach $3.02 trillion in 2025.
“Involve Asia’s expertise in affiliate marketing, and its vast network of publishers and influencers will help empower customers to save with loyalty programmes. We want our customers to reap in the benefits of greater savings through their use of the Fave app.”
On the other hand, the VP of Partnerships at Involve Asia, JC Lam shared that as industries pick up their pace post-pandemic, the marketing firm projects a bigger consumer demand for retail and travel brands.
“By leveraging Fave’s customer engagement solutions and Involve Asia’s performance-driven marketing strategies, we can help these brands create personalised and compelling experiences that resonate with their target audiences.”
Earlier in the year, Involve Asia had raised over US$10 million in a funding round which was led by Bintang Capital Partners Berhad, the private equity arm of Affin Hwang Asset Management Berhad.
Some of its investors include notable names like 500 Global, Accord Ventures, OSK Technology Ventures, and Cradle Seed Ventures.
Fave currently operates in more than 35 cities across Malaysia, Singapore, and India, whereas Involve Asia has a presence in Malaysia, Indonesia, Philippines, Singapore, Thailand, and Vietnam.
Featured Image Credit: Fave / Involve Asia