Visa Unveils Next-Gen Web3 Loyalty Rewards Program
Visa unveiled its latest innovation in customer loyalty services within the Web3 sphere, introducing a dynamic platform featuring gamified giveaways and immersive treasure hunts.
This novel engagement solution, dubbed the Visa Web3 Loyalty Engagement Solution, empowers brands to curate digital wallets. These wallets serve as repositories for consumer reward points and experiences, aligning with a shift highlighted in Bond’s The Loyalty Report.
The report, based on insights from over 60,000 global consumers, emphasizes a growing desire among customers to receive rewards beyond mere purchases. It underscores the importance of aligning values between consumers and brands. Loyalty programs have traditionally struggled to integrate such alignment effectively.
Kathleen Pierce-Gilmore, Visa’s SVP and global head of issuing solutions, highlighted the struggle of traditional loyalty programs to adapt and innovate in recent years. She envisions a landscape where customers can earn unique digital collectibles through various interactions, from buying sports event tickets to engaging in augmented reality quests.
Partnering with SmartMedia Technologies, Visa’s Web3 loyalty solution aims to revolutionize loyalty experiences. By providing digital wallets, brands can offer customers an array of perks, spanning online and real-world experiences in travel, sports, and entertainment. This forward-looking approach seeks to reward active engagement beyond transactions, fostering a seamless blend of digital and real-world interactions.
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Visa’s foray into Web3 loyalty marks a continuation of its involvement in the cryptocurrency space. Their previous initiatives include a crypto advisory unit established in 2021, supporting clients in navigating the crypto landscape and considering crypto rewards programs.
With a history of partnerships and projects in the crypto realm, Visa’s move toward Web3 loyalty signifies a broader trend among companies exploring innovative reward structures.
While Visa leads this initiative, other entities have also delved into leveraging Web3 to redefine rewards. Circle facilitated a points-to-crypto program for a Taiwanese convenience store chain, while Starbucks teased an NFT-enabled Odyssey rewards program, underscoring a growing interest in reshaping loyalty mechanisms within the evolving Web3 landscape.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
