Heymax & Visa See Uptick in Digital Payments, Double New User Growth

The campaign has distributed 600,000 miles from 2 million available to date, rewarding users for every eco-friendly ride.

SINGAPORE - Media OutReach Newswire - 9 September 2024 - Heymax.ai ("Heymax"), a Singapore-based travel rewards and personal finance platform, together with Visa, is building on the momentum of its recent campaign, seeing a significant increase in digital payments with over 26,000 transactions in just one week. The campaign, titled "From MRT & Bus to Miles: Heymax & Visa Reward Your Rides," has also driven a record 2x growth in new users month-on-month since its launch.

Starting today, Heymax will double the miles earned from 3 miles per MRT or bus ride to 6 miles during the 9.9 period for users using a Visa-linked card, from September 9 to September 11. The campaign has generated a strong response since its launch on August 29, with an increase in new user sign-ups and ridership, as reflected in Visa-linked card transactions on Heymax.

Key stats since campaign launch:

• Estimated carbon savings of 24 to 42 tonnes, with over 53,000 bus and MRT rides taken, reflecting increased consumer commitment to sustainable transport choices.
  
• 26,844 Visa-linked bus and MRT transactions, demonstrating increased engagement with digital payments and public transport.
  
• Record 2x growth in new users m-o-m in new Heymax user sign-ups following the campaign launch, indicating strong adoption of loyalty platforms linked to experiential rewards.
  
• Over 600,000 miles (or 30%) of the total miles have been distributed in Singapore, highlighting the robust demand for experiential rewards as the campaign continues until November 28.
  

Joe Lu, Co-founder and CEO of Heymax, said “The strong response to our campaign reflects increased demand from Singapore consumers for travel and experiential rewards. As ridership and participation surge, we’re seeing not only a rise in digital payments but also increased interest from potential partners. These collaborations are paving the way for future initiatives that promote sustainable choices and offer commuters smart travel opportunities with innovative rewards.”

As the campaign progresses, users continue to earn miles while increasing their chances of winning business class tickets to Japan, each worth 200,000 miles—further supporting the initiative’s focus on rewarding sustainable travel choices.

Singapore consumers' growing demand for travel and experiential rewards is driving the growth of miles-based loyalty programs. According to Heymax data, the top four merchants for Singapore users over the past six months are Agoda, Trip.com, Klook, and Singapore Airlines, based on data and insights from 23,000 monthly active users.

Research and Markets projects that the loyalty market in Singapore will grow at a CAGR of 9.2% from 2024 to 2028, rising from USD 533.8 million in 2023 to USD 839.6 million by 2028. This reflects the growing trend in Singapore of utilizing rewards-based loyalty programs for travel, mirroring a broader global shift towards maximizing the use of points and rewards for travel-related expenses.

This campaign aligns with the Singapore government’s push for sustainable travel with its commitment investing S$60 billion (~US$43.5 billion) by 2030 to expand and upgrade the public transport network.

For more details about the campaign, please visit https://heymax.ai/campaign/visa-busmrt-aug24.

*The average distance traveled per ride on Singapore’s MRT is 7.66 kilometers in 2022. (Statista, 2024).Hashtag: #Heymax


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Heymax

Heymax.ai ("Heymax") is a Singapore-based travel rewards and personal finance platform that allows consumers to earn and redeem its reward currency, Max Miles, for travel rewards. Founded in 2023, Heymax enables users to earn Max Miles from over 500 major merchants and redeem them directly for flights, transfer them to miles and points at 25 airline and hotel partner reward programs worldwide, or use them for gift cards. Max Miles come with no fees, never expire, and offer flexibility for various travel-related bookings.

The company has grown its user base to over 60,000 consumers, who have collectively earned over 80,000,000 Max Miles and redeemed over 10,000 flights since Max Miles launched in September 2023. Heymax has also partnered with Visa to launch Card Maximizer, a tool that helps consumers track their spending across all Visa-branded cards, providing real-time insights into transactions and rewards accrual. For more information, please visit www.heymax.ai