Payment giant Visa announced the launch of a Web3 loyalty reward system aimed at increasing customer loyalty. According to the company, this move will provide customers with Web3 wallets to collect points from brands, including tokenized tickets, loyalty points, digital collections, and other benefits, which can later be converted into virtual and physical experiences.
Visa’s Significant Step
A Visa spokesperson commented on this development, stating that platform users do not need advanced knowledge of blockchain technology to use the rewards, sharing the following statement:
“This offer makes Web3 more accessible for both partners and consumers, from our partner’s first-of-its-kind engagement platform to our simple two-click mobile registration.”
Corporate Web3 platform SmartMedia Technologies stands out as the driving force behind Visa’s new Web3 loyalty platform. Founded in 2018, SmartMedia Technologies has made a name for itself through numerous collaborations, including partnerships with payment company American Express, consumer goods company Unilever, and luxury fashion brand Burberry.
SmartMedia Technologies CEO Tyler Moebius stated in a company announcement that the new collaboration with Visa is not only about enhancing customer rewards but also about redefining the value exchange between brands and consumers in a world where mobile payments are a priority.
Web2 Companies and Blockchain
Blockchain technology advancements are encouraging Web2 companies to explore this field. Especially since the beginning of 2023, companies continue to base their loyalty programs on blockchain technology. With this step, Web2 companies not only initiate an important advertising process with technological moves but also succeed in attracting user interest.
One of Europe’s largest airlines, Lufthansa, set an example for many Web2 companies with its loyalty program launched in 2023. Accordingly, the company garnered much acclaim by introducing a Web3-based loyalty program for its passengers. Thanks to the mobile application offered to users, people can easily manage ticket transactions and earn reward points through activities.
