Insync was never part of the original idea but is a brilliant way to track spending frictionlessly. It also removes the need for website integrations (like WooCommerce etc) because it takes place one step further back, at the level of bank transfers not the e-commerce platform.
If I've understood Insync correctly, it requires a customer to integrate a bank account in order to access loyalty rewards. That is, in my opinion, a huge amount of friction.
You are asking people to give you details of their every transaction. Under the terms and conditions of your program, do you then own the details of their spending? Is it part of your business plan to sell that data? If not, why are you collecting it, and if so, are you being transparent about this?
Further, am I correct that you are funding all loyalty payments to users yourself at this time? How do you plan to make any money from this activity?