Referral program feature: Driving platform growth through user engagement

User acquisition and engagement are pivotal for driving platform growth and profitability. However, motivating existing users to refer new users can be challenging without offering compelling incentives. Many users require a clear, tangible benefit to actively promote the platform within their networks. Without an effective referral program, there’s a missed opportunity to capitalize on word-of-mouth marketing, which can significantly boost user growth and transaction volumes.

Introducing the Referral program feature

Our Referral program feature provides a powerful incentive for users to refer their friends and contacts to the platform by offering them a share of the fees paid by their referrals. This program creates a win-win scenario: Users are encouraged to grow the platform’s user base, and the platform benefits from increased transactions and profitability.

By turning existing users into brand ambassadors, this approach leverages their networks to accelerate the platform's growth. Additionally, the program offers flexibility, allowing clients to customize the referral program to meet their specific needs, maximizing engagement and profitability.

How It Works

User referral: Existing users (referrers) share a unique referral code with their friends or contacts.
New user registration: When a new user (referral) registers on the platform using the referral code, they become linked to the referrer.
Transaction and reward: When the referral conducts specific actions, such as currency exchanges or transfers, the referrer earns a percentage of the fees paid by the referral. For example, if a referral incurs a 1 EUR fee, the referrer might receive 0.1 EUR as a reward.
Customization and flexibility: Clients can tailor the referral program to align with their business goals by choosing the percentage of fees shared, the types of transactions that trigger rewards, and the specific actions that qualify for bonuses.

Feature highlights

Monetary incentives for referrals: Referrers earn a percentage of fees from the activities of users they bring to the platform, driving more referrals.
Customizable referral programs: Clients can create different referral programs based on transaction types, fee structures, and desired reward models.
Easy management via Admin Panel: Administrators can manage referral program settings, including bonus percentages, referrer and referral splits, bonus currencies, and the types of transactions that trigger the bonus.
Detailed tracking and reporting: Referrers can monitor the performance of their referral codes, while administrators can view comprehensive statistics on the referral program through the admin panel.

Benefit of co-funding

By co-funding this feature, you can take advantage of a discounted rate for the development and integration of the Referral Program into your system. Additionally, co-funding allows you to influence the feature’s design and functionality, ensuring it meets your specific needs and business objectives.

If you’re interested in integrating this cutting-edge functionality, please contact your client manager for more information and pricing details.