Visa rolls out a Web3 loyalty engagement offering to help firms reward customers

Credit card giant Visa recently rolled out a new Web3 loyalty engagement platform, meant to allow companies to reward their customers. The rewards would be provided for purchases, but also for interactions and engagement, which is something that Visa intends to encourage further.

Visa and SmartMedia Technologies launch a new loyalty platform

Visa explained that people have come to have heightened expectations when it comes to the value they receive from loyalty programs beyond traditional points-based benefits, as revealed by the research reported by Loyalty Report.

The payment firm further said that it has decided to team up with SmartMedia Technologies and work together on an enterprise platform that would serve as a bridge between the currently dominating Web2 and the rapidly growing Web3. The platform was designed to offer a number of benefits, including the ability to be customized so that businesses can create curated experiences and specific offers for their consumers.

According to Visa, brands can engage customers by providing digital wallets that the customers can use to receive rewards. These can vary and include various perks and benefits, all for the goal of establishing virtual, digital, or real-world experiences. Visa also said that brands can apply rewards in a variety of sectors, including the likes of sports and travel.

The platform is more than just a place for rewards

Visa’s senior vice president and global head of issuing solutions, Kathleen Pierce-Gilmore, commented on the new development. She said that users will be able to earn unique digital collectibles for engaging with the platform in various ways, such as buying tickets for their favorite sports events, participating in augmented reality treasure hunts, and alike.

“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,” Pierce-Gilmore added.

The platform will be easy to use, and the card giant said that advanced knowledge of blockchain technology will not be necessary in order to use the platform and win rewards. After all, the idea is to make Web3 easy for both partners and consumers, which is why it features simple technologies, such as 2-click mobile registration.

SmartMedia Technologies’ CEO, Tyler Moebius, also commented on the release of the new platform, stating that his company’s collaboration with Visa is not just about enhancing customer rewards. Instead, he explained that the collaboration seeks to redefine the value exchange between brands and consumers in a mobile payments-first world.