- Brands will be able to build digital wallets on behalf of customers to store reward points.
- Visa’s new loyalty solution is being developed in collaboration with SmartMedia Technologies.
According to a recent announcement by the digital payment’s behemoth Visa, its new Web3 loyalty program will include interactive treasure hunts and gamified prizes.
Brands will be able to build digital wallets on behalf of customers to store reward points and experiences using the customer engagement platform called the Visa Web3 Loyalty Engagement Solution.
Boosting User Experience
Many customers want to be rewarded for doing more than just buying from businesses, according to The Loyalty Report by customer experience and loyalty management company Bond, which surveyed more than 60,000 consumers worldwide.
In particular, the research highlighted the fact that consumers are more inclined to form connections with businesses they see as having similar values, and that loyalty programs have not yet found a way to include mechanisms that incorporate this connection into their membership programs.
According to a press statement, Visa’s SVP and global head of issuing solutions, Kathleen Pierce-Gilmore, said that conventional loyalty programs have failed to adapt and develop throughout the last ten years.
Pierce-Gilmore mentioned the possibility of acquiring a one-of-a-kind digital collectible via activities such as buying sports event tickets or taking part in an augmented reality treasure hunt.
According to her, the current state of loyalty programs will be revolutionized by Visa’s new loyalty solution, which was developed in collaboration with Web3 engagement and loyalty platform SmartMedia Technologies.
Moreover, this solution will allow brands to offer digital wallets to their customers, allowing them to earn rewards and perks like online or in-person experiences in travel, sports, and entertainment.
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