Visa, the leading digital payments giant, has revealed plans to broaden its service portfolio in the new year with the introduction of a Web3 loyalty engagement program.
In a press release dated January 4, Visa highlighted the static nature of loyalty programs over the past decade, emphasizing the evolving needs of consumers. The company acknowledges a shift in consumer expectations, where individuals desire rewards not only for their purchases but also for their engagement with a brand.
Recognizing the potential of emerging Web3 technologies, Visa has joined forces with Web3 company SmartMedia Technologies. This collaboration has given rise to a new platform that enables brands to offer unique loyalty reward experiences to their customers.
In an informative video on the dedicated webpage, Visa illustrates the new solution with an example involving a traveler. At the airport, the traveler encounters a scannable QR code, subscribes to a Web3 wallet, and earns a reward, such as a VIP lounge pass. Further engagement occurs before arriving at the hotel, where the traveler is presented with digital activities like quizzes and surveys, earning rewards such as a massage treatment.
Additional reward experiences include an augmented reality (AR) map displaying available deals and rewards from nearby stores. Users can engage in a Pokemon Go-like mission, collecting Visa tokens that accumulate into points convertible into various rewards.
This initiative adds to the series of Web3 efforts Visa has undertaken in recent years. In a similar move in 2022, Visa collaborated with ShopNEXT to introduce a Web3 loyalty platform, enabling Visa cardholders to conveniently shop while earning token rewards.
The integration of Web3 into loyalty programs has gained momentum, with companies like Starbucks, airline Lufthansa, and others embracing the trend. As more businesses across diverse sectors explore the integration of Web3 into loyalty schemes, the industry can anticipate a data-driven evolution that aligns with the changing expectations of today’s consumers.