A Thursday announcement by the digital payments giant showed that Visa is unveiling a Web3 loyalty service that entails gamified giveaways and immersive treasure hunts.
The Visa Web3 Loyalty Engagement Solution, a client engagement platform, will allow brands to develop digital wallets to store experiences and reward points on clients’ behalf.
Visa Rewarding Brand’s Interaction
The Loyalty Report, which entailed interviews with more than 60,000 clients across the globe, revealed that a majority of clients desire to be rewarded for participating or interacting with brands instead of just buying goods and services.
In particular, this report shows a high possibility of clients developing relationships with brands with common values. Besides, loyalty programs cannot still use mechanics to incorporate this alignment into their membership programs.
In a press release assessed by Blockworks, Kathleen Pierce-Gilmore, the SVP and international head of issuing solutions at Visa, claimed that traditional loyalty programs have experienced challenges in innovation and evolution over the past ten years.
Pierce-Gilmour mentioned a scenario involving earning a special digital collectible, either from participating in an augmented reality treasure hunt or buying sports event tickets. She is confident that Visa’s new loyalty initiative will allow brands to offer digital wallets to clients.
In turn, they will earn benefits and incentives, for instance, sports and entertainment, real-world or online experiences in travel, and a change in the current loyalty experiences. The loyalty solution has been designed in collaboration with SmartMedia Technologies, a loyalty platform, and Web3 engagement.
Pierce-Gilmore noted that their innovative Web3-founded loyalty solution allows brands to gift clients for their transactions and active engagement. This paves the path for safe, efficient, and actual-world and immersive digital experiences.
For a long time, Visa has had a presence in crypto. In 2021, the firm unveiled a crypto advisory unit to aid customers and partners in maneuvering the space. In that instance, Visa quoted crypto reward initiatives as a potential offering for which it could refer.
Visa Scales Crypto Partnerships and Initiatives
Visa possesses a profound list of crypto initiatives and partners. For instance, it owns a card program with a batch of exchanges, and as early as 2020, it started settling transactions in USDC. Additionally, it permits partners to use the Solana blockchain to send or obtain USDC.
Visa is not the only firm seeking to re-shape rewards via Web3. By immersing itself into the tech for client loyalty, it opens a use case that has been envisioned for some time but whose adoption has been limited.
Lately, Circle debuted a points-to-crypto plan for FamilyMart, a Taiwanese convenience store chain. Further, Starbucks still welcomes waitlist entries for Odyssey, its nonfungible token-enabled rewards program.
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