1 PAYBACK point (now Zillion Coins) is worth ₹0.25 in India.

also known as: PAYBACK · PAYBACK Points · Zillion · Zillion Coins · i-mint · i-mint points

I-MINT IS THE SAME PROGRAMME UNDER AN OLDER NAME, and the aliases say so as of 2026-08-23. The chain is the OPERATOR, not the branding: i-mint launched under Loyalty Solutions & Research, became PAYBACK India, and is Zillion today — and zillionrewards.in still carries "Loyalty Solutions & Research Pvt Ltd" in its own footer, the same company American Express names in the footnote quoted below. Twenty-six ICICI co-brands moved onto i-mint on 1 July 2010 and each says so in its own file. **SETTLED 2026-08-23: ONE UNIT, RENAMED TWICE, NEVER RE-BASED — so an accrual printed in i-mint points is an accrual in this row's unit, and the cards that state one are PRICED.** This reverses the "alias resolves the name but does not price the cards" line that stood here for one day. The reason it stood was a real worry — a rebrand can revalue, and a 1 i-mint point → 2 PAYBACK points re-basing would have made every 2010-era accrual figure unusable at the new unit. It did not happen, and LSRPL says so itself. THE DECISIVE DOCUMENT is the operator's own FAQ, served on payback.in and captured 2011-07-01, which names BOTH programmes in one file (questions 49–60). Verbatim, and this is direct evidence, not inference: Q51 "PAYBACK is the new name for the loyalty program of i-mint." · Q50 "i-mint will be called PAYBACK around July 2011." · Q57 "Your i-mint points will be renamed PAYBACK points from July onwards apart from that there will be no effect on your i-mint points." · Q58 "Your i-mint card will still be valid. There will be no change in the way of earning or redeeming your i-mint points." · Q60 "Will the points earn structure change because of the new card? No. The point earning structure will be the same as i-mint program even when we change to PAYBACK." · Q55 "The company behind PAYBACK in India will remain Loyalty Solutions and Research Pvt. Ltd." And for the twenty-six ICICI co-brands specifically, Q52: members "will still earn points in the same manner and on the same terms and conditions as those offered before i-mint became PAYBACK". A renamed balance, not a converted one — which is why no conversion ratio exists to look for. THE DATE, bounded by the estate itself: payback.in served the i-mint-branded site ("© copyright 2010, Loyalty Solutions & Research Pvt Ltd") through 2011-06-27, including a media kit still handing out imint_av.mpg and imint_jingle.mp3, and the PAYBACK-branded /pb/ tree ("© copyright 2011") from 2011-06-30. One domain, one operator, one week. Effective 1 July 2011. PAYBACK → ZILLION carries no such naming statement on the Zillion side — the live zillionrewards.in/tnc was searched on 2026-08-23 and contains neither "PAYBACK" nor "i-mint" anywhere, which is recorded as a scoped negative rather than as proof of anything. The bridge is ICICI's own rewards T&C ("PAYBACK (is now Zillion) refers to the reward program of LSRPL under this brand name") plus CLAUSE-TEXT LINEAGE, which is strong: the 2026 Zillion T&C is the 2011 i-mint T&C with the nouns swapped. i-mint 7.1 "At no time may i-mint points be credited to or i-mint rewards request be issued to, purchased by, or sold to or otherwise transferred to any person other than the member" · Zillion 8 "At no time can Zillion coins be credited to or Zillion rewards request be issued to, purchased by, sold to or otherwise transferred to any person other than the Zillion Member." Same for expiry (i-mint 6.5 "three years from the date of earning" / Zillion 7.5 "three years from the date of transaction") and for the 24-month dormancy fuse (i-mint 6.6 / Zillion 7.6), with LSRPL still the party named in the 2026 text. THE ONE CONVERSION THAT IS GENUINELY UNPUBLISHED, and it is a different one. The i-mint T&C's ICICI Credit Card annexe, clause 2–3: "All ICICI Bank Credit Card holders are eligible to earn ICICI Bank Credit Card Rewards program points … The reward points are issued by ICICI Bank" and "All Express Rewards points earned on ICICI Bank Credit Card Rewards program shall be transferred as i-mint points in the i-mint loyalty program" — with NO ratio stated anywhere in the document. So on those ICICI pages the FIRST accrual line ("1 reward point on every Rs.200 spent", and every co-brand accelerator quoted in "reward points") is in ICICI's own unit and CANNOT be priced at this row. Only the line ICICI wrote in i-mint's own unit — "W.e.f. July 1, 2010, you will earn 1 i-mint points on every Rs. 100 spent" — is denominated here, and it is the only one the priced cards use. A co-brand whose only published accrual is in ICICI reward points stays earn-null, and says why. THE INTERNAL PRECEDENT THIS RESOLVES: `icici-titanium` has shipped priced at 0.5% since 2026-08-22 for no better reason than that ICICI's CMS had the word "PAYBACK" in it when that page was last edited, while its shelf-mates said "i-mint" and were null. The `/classic` page settles what that word is worth — it dates a PAYBACK sentence "W.e.f. July 1, 2010", a year before PAYBACK existed in India, so the two names on ICICI's estate are one accrual at two CMS vintages. NOT A BANK CURRENCY, and that is the first thing to know: PAYBACK is a COALITION programme run by Loyalty Solutions & Research Pvt Ltd, the third party American Express's own PAYBACK card footnote names — "American Express Banking Corp and Loyalty Solutions & Research Private Limited have a revenue sharing agreement". You could join, earn and burn it holding no card at all, which is exactly this file's `retail` test and why it is not `scrip`: every scrip row here is a bank's or a fintech's own points, priced by the issuer that put them on a card. Same call the desk made on `intermiles`. IT STILL OPERATES, checked 2026-08-22 — but under a different name and at a different address, and both cards that earned it are withdrawn. BharatPe acquired PAYBACK India and rebranded it Zillion in May 2023; payback.in now resolves to NO A record at all (Cloudflare nameservers, empty apex and www, checked by dig on 2026-08-22), while zillionrewards.in serves a live catalogue whose footer still reads "© Copyright 2023, Loyalty Solutions & Research Pvt Ltd". ICICI's own rewards T&C carries the bridge in one line — "PAYBACK (is now Zillion) refers to the reward program of LSRPL under this brand name" — so the unit a PAYBACK cardholder holds and a Zillion coin are the same unit. Anyone still sitting on a balance from either card is looking for it at a dead domain. THE VALUE IS ARITHMETIC, NOT CONSENSUS. Zillion's own e-voucher grid is published on its homepage and is FOUR COINS TO THE RUPEE across every brand on it, with no exception: Amazon ₹500 = 2,000 coins · Flipkart ₹500 = 2,000 · Myntra ₹500 = 2,000 · Reliance Trends ₹500 = 2,000 · Croma ₹1,000 = 4,000 · Reliance Smart ₹250 = 1,000 · BigBasket ₹250 = 1,000 · Amazon Shopping Voucher ₹100 = 400. That flat 4:1 is the value AND the ceiling — nothing on the programme beats it, and it is the same quarter-rupee PAYBACK ran on, which is why the trend is flat rather than down. THE FLOOR IS THE MERCHANDISE CATALOGUE, and the spread is real rather than decorative. rewards.zillionrewards.in prices physical goods in coins and publishes no MRP beside them, so the rate has to be recovered against street prices: the Usha EI 2801 dry iron is 3,798 coins against ₹590 on Flipkart (₹0.155), the Nokia 110 (2023) 9,154 coins against ~₹1,666 (₹0.18), the boAt Airdopes 138 8,141 coins against ₹909–₹1,290 (₹0.11–₹0.16). Three items, three independent retailers, one conclusion: the catalogue runs at roughly three-fifths of the voucher rate. Floor ₹0.15. Take the vouchers. NO TRANSFER ROW, and the programme's own terms are the reason. Clause 8, verbatim: "At no time can Zillion coins be credited to or Zillion rewards request be issued to, purchased by, sold to or otherwise transferred to any person other than the Zillion Member." Clause 2.6 adds that coins are "non-negotiable, non redeemable by cash". The T&C's definition of a Zillion Partner does sweep in "airlines, hotels, restaurants, car rental companies", but that is where you EARN, not a programme you can move a balance to: no airline scheme and no ratio is named anywhere in the document. The one historic exit — PAYBACK → InterMiles — already sits in partner-transfers.yaml as a zombie corridor with no published ratio and a destination that stopped honouring flight redemptions in January 2026. An edge on an unnamed partner is an invented route. WHAT IT UNBLOCKS: `amex-payback` and `indusind-payback`, both withdrawn, both carried earn-null until this row existed even though both issuers published their accrual grids in full.

PAYBACK Points (now Zillion Coins) has held — we grade its nerf risk stable No tracker events on record for this program How we grade it →

No corridor on our board prices a seat in PAYBACK Points (now Zillion Coins) against a published chart — every option that reaches it is dynamic, and an estimate is not a seat. the 2,196 corridors that DO have a verified price →