Payment giant Visa launches Web3 rewards program platform

10 months ago 55

Web3 Rewards Platform for Enterprises

Payment giant Visa announced on the 4th that it will partner with SmartMedia Technologies to launch a Web3 loyalty program for businesses. This will enable companies to offer next-generation rewards programs to their end users.

Connect with consumers in new ways by offering immersive programs such as gamified prizes, augmented reality treasure hunts, and new ways to earn loyalty points. Thing.

Consumers can also be offered a digital wallet where they can store rewards such as tokenized tickets and digital collectibles. These benefits can be used for a variety of experiences, including virtual experiences, real-world travel, and sports.

Companies can also customize the experience for consumers.

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Kathleen Pierce Gilmore, Global Head of Issuance Solutions at Visa, commented:

Consumers expect to engage with brands in new ways, yet corporate rewards programs haven’t evolved in the past decade.

Our innovative digital loyalty solutions allow you to reward customers not only for transactions but also for active engagement.

SmartMedia Technologies was founded in 2018. It provides a platform for businesses to offer Web3 engagement and loyalty programs, and has partnered with payment company American Express and fashion brand Burberry, among others.

The company offers programs that allow consumers to earn rewards through augmented reality (AR) games and virtual space experiences, and consumers can also receive tokens and rewards through Web3’s mobile app SmartMedia Wallet.

What is Web3?

The current centralized web is defined as Web2, and refers to an attempt to realize a decentralized network using blockchain, etc. Typical features include use cases for decentralized networks such as blockchain, such as accessing dApps using virtual currency wallets.

Virtual currency glossary

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Visa exploring virtual currency payments

Visa has been actively promoting Web3 businesses such as crypto assets (virtual currency) and blockchain for some time. In September of last year, it announced that it would provide member stores with USDC payment functionality using Solana (SOL).

Ethereum (ETH)-based USDC payment has also been experimented with since 2021, and Crypto.com has implemented it.

connection: Visa supports USDC payments with Solana, Coinbase establishes lending and borrowing service for institutional investors | Summary of important news from the morning of the 6th

It is also exploring ways to make blockchain transactions easier, and is experimenting with allowing Ethereum gas fees (transaction fees) to be paid in fiat currency using cards.

connection: Visa conducts experiment to pay Ethereum gas fee with card