Visa leverages Web3 to launch its loyalty program.

Visa, the payment giant, has recently announced a significant initiative in the Web3 world, introducing an innovative customer loyalty platform.

The new platform, named 'Visa Web3 Loyalty Engagement Solution', enables brands to create digital wallets where customers can accumulate loyalty points and have unique experiences. Visa's approach aims to transform the loyalty experience by combining real and virtual transactions.

Bond's The Loyalty Report, a research study that surveyed over 60,000 consumers globally, highlights a shift in customer expectations. They desire rewards not only for purchases but also for active engagement with brands. This trend emphasizes the importance of shared values between consumers and companies, an aspect underutilized in traditional loyalty programs.

Visa, leveraging its extensive experience in the crypto sector and reward programs, positions itself as a pioneer in this new era. Kathleen Pierce-Gilmore, SVP and Global Head of Issuer Solutions at Visa, notes that traditional loyalty programs have struggled to innovate over the last decade. Visa's proposed solution, developed in partnership with SmartMedia Technologies, a company specializing in loyalty and Web3 engagement, aims to revolutionize this sector.

Customers can earn unique rewards, such as digital collectibles, through immersive experiences like augmented reality treasure hunts. This approach bridges the physical and digital worlds, aiming to create an unparalleled loyalty experience.

Visa's Web3 rewards project is not isolated in the landscape of Web3 rewards. Other similar initiatives include Circle's crypto points program for the Taiwanese FamilyMart chain and Starbucks' Odyssey rewards program based on NFTs. These examples demonstrate a growing trend in leveraging blockchain technology to revamp loyalty programs.

The adoption of this technology by an influential company like Visa could have significant impacts on the market. It may encourage other major companies to explore Web3, accelerating the integration of blockchain across various sectors. Additionally, this move could influence consumer expectations and behaviors, acclimating them to more dynamic and engaging interactions with brands.

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