Payments giant Visa has launched a web3 loyalty reward system it says can boost customer engagement.
The move will give customers digital wallets that are used to collect tokenized tickets, loyalty coins, digital collectibles and other perks from brands which can then be applied to virtual and physical experiences, according to company statements.
Users of the platform don't have to have advanced knowledge of blockchain technology to use the rewards, a Visa spokesperson told The Block, adding that "the offering makes web3 easy for both partners and consumers alike, from our partner's first-of-its-kind engagement platform to our simple 2-click mobile registration."
The enterprise web3 platform SmartMedia Technologies is powering Visa's new web3 loyalty platform. Founded in 2018, SmartMedia Technologies has collaborated with payments firm American Express, consumer goods company Unilever, and the luxury fashion brand Burberry, among others.
The new collaboration with Visa "is not just about enhancing customer rewards, it's about redefining the value exchange between brands and consumers in a mobile payments-first world," SmartMedia Technologies CEO Tyler Moebius said in a company release.
Source : The Block by MK Manoylov / Jan 4, 2024