The payments giant is releasing new cryptocurrency products and forming new partnerships.
On Thursday, the online payment giant Visa announced the launch of its Web3 loyalty program, which 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.
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.
Customers are more inclined to form connections with businesses they see as having similar values, according to the survey. Unfortunately, loyalty programs still lack the mechanisms to include this kind of alignment into their membership programs.
The senior vice president and head of issuing solutions at Visa, Kathleen Pierce-Gilmore, made the observation in a news release that Blockworks examined 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.
She is of the belief that the new loyalty solution from Visa, developed in collaboration with Web3 engagement and loyalty platform SmartMedia Technologies, will allow brands to offer digital wallets to consumers, allowing them to accumulate benefits and perks like virtual or physical experiences in the entertainment, sports, and travel industries. This, in turn, will revolutionize the current loyalty landscape.
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