Visa announced a web3-based loyalty program for its customers Thursday in the hopes of creating an immersive,valued-added experience for its users.
According to a press release from the payment services company, the newly launched service entitled the Visa Web3 Loyalty Engagement Solution, will provide customers with “immersive programs like gamified giveaways, augmented reality treasure hunts, and new ways to earn and burn loyalty points.”
“Consumers are looking to engage with brands in new ways, and traditional loyalty programs have not evolved over the past decade. Imagine earning a unique digital collectible, whether it’s from purchasing tickets for a sports event or participating in an augmented reality treasure hunt,” said Kathleen Pierce-Gilmore, SVP and Global Head of Issuing Solutions, Visa. “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.”
Visa also announced that it has partnered with Web3 platform SmartMedia Technologies to develop the new mediated technology which will allow users to “apply rewards – such as perks and benefits – towards virtual, digital, or real-world experiences, in various sectors such as travel, sports and more.”
“This collaboration is not just about enhancing customer rewards; it’s about redefining the value exchange between brands and consumers in a mobile payments-first world,” Tyler Moebius, CEO of SmartMedia Technologies. “We are committed to delivering experiences that are as rewarding as they are engaging and relevant for today’s evolving consumers.”
The program will include a number of features for participating brands including a metaverse and AR world builder, campaign gamification and a drag & drop platform that will allow clients to “design, develop & distribute, tokens, digital collectibles & campaigns – all with no coding required.” Moreover, the engagement service will include “advanced reporting, analytics, and a business intelligence suite” as well as integrated CRM with “first-party data management.”
Visa justified their Web3 extension with data from customer experience firm, Bond, which claims loyalty programs featuring a “holistic approach with emphasis on alternate currencies is necessary to stand out.”
Visa first hinted at a potential Web3 loyalty rewards program for customers shortly after launching their Crypto Advisory Board in December 2021.
“The new value-added service ushers in the future of customer engagement and loyalty, helping brands meet next-generation customers where they increasingly are – in digital and virtual worlds,” stated Visa’s press release.