Payments giant Visa has launched its web3 loyalty rewards system to increase customer engagement.
The move will provide customers with a digital wallet used to collect tokenized tickets, loyalty coins, digital collectibles and other perks from the brand, which can then be applied to virtual and physical experiences, according to a company statement.
“Platform users do not need advanced knowledge of blockchain technology to redeem their rewards,” a Visa spokesperson told The Block, adding, “This service makes web3 easy to use for both partners and consumers.” -A friendly engagement platform for simple 2-click mobile registration.”
smart media technology
SmartMedia Technologies, an enterprise web3 platform, is powering Visa’s new web3 loyalty platform. Founded in 2018, SmartMedia Technologies has worked with payments company American Express, consumer goods company Unilever, and luxury fashion brand Burberry, among others.
The new collaboration with Visa is “not simply about enhancing customer rewards, but redefining the exchange of value between brands and consumers in a world where mobile payments come first,” SmartMedia Technologies CEO Tyler Moebius said in a company announcement.
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About the author
MK Manoylov has been a reporter for The Block since 2020, joining just before Bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for publications covering all cryptocurrency-related news, preferring NFTs, metaverse, web3 games, fundraising, crime, hacking, and cryptocurrency ecosystem stories. MK holds a graduate degree from New York University’s Science, Health, and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. X You can follow MK at @MManoylov and on LinkedIn.