Visa, a worldwide leader in credit payment technology, has announced that it will include Web3 elements in its customized loyalty program solution. The company partnered with Smartmedia Technologies, a Web3 loyalty rewards startup, to add innovative features to these programs that include virtual worlds, digital wallets, and gamified rewards.
Visa Turns to Web3 to Revitalize the World of Loyalty Rewards Programs
Visa, one of the largest payments companies in the world, is adding Web3 elements to its loyalty program solution. The company announced that it was revitalizing its traditional engagement solution with Web3 elements to catch the attention of a new kind of customer with more expectations about rewards than just receiving points.
For this, Visa partnered with Smartmedia Technologies, a startup that allows adding virtual and digital experiences to rewards programs. Smartmedia has worked with American Express, Accenture, Axe, and Vodafone.
Kathleen Pierce-Gilmore, SVP and Global Head of Issuing Solutions at Visa, acknowledged that traditional points programs have failed to address the new needs of consumers in this field, which includes digital collectibles and augmented reality elements. She stated:
Our new innovative digital loyalty solution empowers brands to reward customers not only for their transactions but for their active engagement, paving the way for secure, seamless and immersive digital and real-world experiences at their fingertips.
In practice, this means that brands will be able to reward customers with tokens and digital collectibles for purchases, social media interactions, augmented reality treasure hunts, and informative polls. These tokens will allow users to unlock rewards at some destinations or enrich their experience in digital worlds.
Visa has been very active in the cryptocurrency and blockchain, having partnered with Valr, an African exchange, in October. In the same way, Visa also expanded its stablecoin settlements capabilities to the Solana blockchain in September.
What do you think about including Web3 elements in Visa’s loyalty engagement solution? Tell us in the comments section below.
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