Dubai, UAE – Homegrown cashback rewards platform Znap revealed today its new brand identity, TOTL, as part of an extensive visual and service delivery transformation strategy.

The rebranding marks a significant turning point in Znap’s corporate trajectory and underscores the firm’s unwavering commitment to delivering need-driven fintech solutions to consumers and partners in the region.

The new look will include a logo refresh, which represents “in our mind” contactless payments with exciting colours – green, which represents growth, health, and tranquillity; purple, which represents creativity, luxury, and wisdom – and attributes that evoke emotions and brand association.

The rebrand from Znap to TOTL (pronounced Total) modernises and simplifies brand recall among consumers while delivering solutions that ultimately bring people together and improve lives.

According to Uday Rathod, CEO and Co-Founder of the brand, TOTL, which represents payments with Value back (cashback), is an innovative approach that transforms cashback into a seamless and straightforward process for customers and local businesses.

“We’ve reached a critical turning point that began with the unveiling of Znap in 2017 – a platform that was at the time solely designed to help consumers upload their billd and earn cash rewards on every product listed in the FMCG sector. However, as business dynamics and consumer preferences evolve, there is a need to move the brand to the next level. By rebranding to TOTL, we are now on a mission to help consumers get value for every Dhiram spent in a way that’s a win-win situation for both business and consumers,” said Uday.

Despite the growing competition within the industry, TOTL has been making meaningful strides in the region. From 2021 until now, TOTL has seen exponential growth, with transactions surging by over 100X thanks to the increased cashback utilisation. Moreover, boasing an impressive customer return rate exceeding 83%, the company has experiences remarkable progress.

Driving loyalty and sales

Over the last few years, the cashback rewards industry has become an integral part of most businesses’ growth strategy in the UAE and regionally, as the concept continues to help homegrown retailers drive customer loyalty and increase sales. According to research firm Statista, the global cashback industry is expected to be worth more than US$200 billion a year by 2024, with participating retailers growing their revenue up to two and a half times faster than competitors who do not use them.

On its part, the United Arab Emirates (UAE) has been experiencing a ballooning adoption of loyalty programs by businesses of all sizes, led by e-commerce platforms increasingly tapping into loyalty programs to boost repeat purchases and drive revenue growth. With its loyalty market, which includes cashback and rewards programs, poised to grow by over 12 per cent annually to reach US$1,423.7 million in 2023, the market is expected to increase from US$1,269.7 million in 2022 to reach US$2,214.5 million by 2027.

Before the rebrand, Znap had partnered with over 600 businesses and with the new brand outlook, the company is now expected to aggressively into other untapped markets, including Abu Dhabi, Ajman, and Ras Al Khaimah, in a bid to tap different potential categories such as food and beverages, beauty and wellness, optical floral stores, pet care and more.