January 9, 2024

Visa Introduces Web3 Elements onto Loyalty Program Solution

Visa in Web3

Visa in Web3

Visa, one of the biggest payments companies globally, has decided to incorporate Web3 elements into its loyalty program solution.

The company has announced that it will be revamping its traditional engagement solution by adding Web3 elements to attract new customers who are seeking more than just receiving points as rewards. This move is in response to the changing expectations of customers who desire a unique and personalized loyalty program experience.

Visa has collaborated with Smartmedia Technologies, a startup that specializes in enhancing rewards programs by adding virtual and digital experiences. Smartmedia has previously worked with renowned companies such as American Express, Accenture, Axe, and Vodafone.

Kathleen Pierce-Gilmore, SVP and Global Head of Issuing Solutions at Visa acknowledged that traditional points programs have not kept up with the changing needs of consumers in this space, which includes digital collectibles and augmented reality elements.

“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,” she noted.

Brands can now reward customers with tokens and digital collectibles for various activities such as purchases, social media interactions, augmented reality treasure hunts, and informative polls. These tokens enable users to unlock rewards or enhance their digital world experience.

Visa has been actively involved in the cryptocurrency and blockchain space. In October, they collaborated with Valr, an African exchange. Similarly, Visa expanded its stablecoin settlements capabilities to the Solana blockchain in September.

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