Visa, one of the giants in the payments sector, announced the launch of a new loyalty engagement solution based on Web3 technology. This innovation comes in response to the growing demand for more immersive and personalized digital experiences from modern consumers. The platform promises to revolutionize the concept of loyalty programs, offering gamified rewards, augmented reality treasure hunts and new ways of using loyalty points.
The service, as presented in its promotional video, aims to overcome the limits of traditional loyalty programs, which are limited to a simple exchange of spending for rewards. The video states: “Traditional loyalty programs are simply an exchange of spending and rewards, but consumers demand more in exchange for their loyalty. Web3 loyalty goes beyond expanding opportunities for brands to reward customers for everything…”
Kathleen Pierce-Gilmore, senior vice president and global head of issuing solutions at Visa, highlighted the evolution of interactions between consumers and brands. She highlighted the importance of offering rewards not just for transactions, but also for customers’ active engagement in digital and real-world experiences. “Consumers are looking to interact with brands in new ways and traditional loyalty programs have not evolved in the last decade. Imagine winning a unique digital collectible, whether purchasing tickets to a sporting event or participating in an augmented reality scavenger hunt.”
Research conducted by Visa indicates a shift in consumer expectations regarding loyalty programs. A significant majority value real-world experiences and want rewards that go beyond conventional points-based systems.
Visa’s new solution aims to be a bridge between the innovations of Web2 and Web3 technologies. The platform offers brands an opportunity to create immersive experiences through a “customizable enterprise platform”. Customers will be able to use a digital wallet to apply rewards across various sectors, such as travel and sports.
The focus of the Visa Web3 platform is to offer brands a way to evolve their loyalty programs. It features digital collectibles as a core feature, allowing customers to earn, redeem and collect interactive digital assets. These assets can be explored in augmented reality, located on maps and used in various other interactive ways.
Designed to be easy to use, the platform eliminates the need for specialized Web3 developers. Brands can create and manage digital tokens, collectibles and campaigns simply and efficiently. The platform also includes an integrated customer relationship management (CRM) system, with resources for real-time event triggering and primary data management.
Additionally, the solution offers a range of customer engagement features such as digital event tickets, token-controlled digital access, and digital coupons. The integration of Visa’s digital payment solutions with the new web3 platform aims to provide a more integrated and seamless customer experience.
Tyler Moebius, CEO of SmartMedia Technologies, Visa’s web3 partner on the project, expressed excitement about the collaboration, highlighting the redefinition of the exchange of value between brands and consumers in a world increasingly focused on mobile payments.
SmartMedia Technologies uses an independent blockchain protocol called SmartNFT, developed by BLOCKv. This protocol enables the creation and issuance of smart NFTs on a variety of blockchains, providing flexibility and broad compatibility.
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.