Rewardle stock goes nuts on Android Pay news

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Shares in Rewardle, the electronic answer to loyalty cards and the business of getting a free coffee for repeat purchases, are soaring after Google said it will be one of the first apps in Australia to use Android Pay.

A short time ago, Rewardle shares were up almost 35% to $0.215.

Google is bringing Android Pay, it’s tap-and-go payment system for Android phones, to Australia next year with support from the local banks.

Rewardle founder Ruwan Weerasooriya says Google is tapping into the unique value of Rewardle’s rapidly growing network of almost 5000 local merchants and 1.5 million members.

“Android Pay will provide an additional layer of utility for our merchants and members, adding value to their Rewardle experience,” he says.

Rewardle, which listed on the ASX in October 2014, is a marketing and transactional platform combining membership, points, rewards, mobile ordering, payments and social media integration.

Competitors include BEATtheQ, for coffee, and Clipp, for deals at bars and restaurants.

Weerasooriya says the rise of mobile is a trend even for the biggest players such as Google are finding challenging.

“Our consistently accelerating growth demonstrates we are doing something right and the value of our rapidly growing
network and evolving platform is not lost on those in the know,” he says.

“Accenture recently found that scale and diversity of merchants accepting mobile payment, along with incentives such as loyalty points and value added services, such as ordering ahead, are critical drivers to the successful consumer adoption of mobile payments.”

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