Visa has revealed a web3 loyalty platform that enables brands to develop customized branded cryptocurrency wallets.

The Visa Web3 loyalty interaction solution also offers features such as AR treasure hunting and digital collecting, among others.

Visa has unveiled a new Web3 loyalty interaction solution designed to meet the increasing digital demands of modern consumers, delivering rich experiences like gamified rewards, enhanced real-world treasure hunts, and new ways to leverage customer loyalty.

A promotional video for the service states, “Traditional loyalty programs simply exchange spend for rewards, but consumers are demanding more to earn their loyalty. Web3 loyalty goes beyond, offering brands expanded opportunities to reward customers for everything…”

Kathleen Pierce-Gilmore, Senior Vice President of Visa and Global Head of Solutions Delivery, highlighted the changing landscape of consumer-brand interactions. She emphasized that the new digital loyalty solution allows brands to reward transactions and positive customer interactions, enabling seamless integration between the digital and physical worlds. Pierce-Gilmore said, “Consumers are seeking new ways to engage with brands, and traditional loyalty programs have not evolved in the past decade. Imagine earning a unique digital collection, whether from purchasing a ticket to a sporting event or participating in an enhanced real-world treasure hunt.”

Visa’s research indicates a shift in consumer expectations from traditional loyalty programs, demanding rewards beyond traditional point-based systems. Consumers now seek interaction-based rewards, with over 77% globally valuing real experiences and 60% preferring personalized experiences.

Visa’s new solution is expected to bridge the gap between web2 and web3 advancements, offering brands a customizable business platform to create vibrant experiences. Customers can use digital wallets to apply rewards across various areas, including travel and sports.

What does Visa’s Web3 loyalty platform offer?

Clearly targeting brands looking to develop their loyalty programs, this platform introduces digital collections as a core feature, unlike traditional point-based systems. Customers can earn, redeem, and collect these digital assets, interact with augmented reality (AR), locate them on a map, and use them in various other interactive forms, enriching the depth of their loyalty programs.

This brand platform is designed to be user-friendly, eliminating the need for web3 developers, with the aim of expanding access for brands to create and manage digital tokenization, collections, and campaigns. It also provides the ability for brands to develop custom-branded wallets with a two-click registration process to simplify user engagement. Therefore, we may start to see web3 wallets associated with brands appearing in the market in the near future. This platform also includes a customer relationship management (CRM) system integrated with real-time event triggering and first-party data management, essential for effective customer interaction and understanding.

Additionally, the solution offers a range of features to attract customers, including digital event tickets or lottery draws, access rights controlled by tokens to unlock privileges, loyalty tokens usable in geofenced scavenger hunts, and digital discount vouchers. These features are designed to add flexibility to loyalty programs, allowing brands to customize their approach based on specific targets and objectives.

An important feature of this solution is its ability to issue digital objects and experiences based on card transactions. The integration of Visa’s established digital payment solutions with the new web3 platform aims to provide a seamless and integrated customer experience, enhancing customer loyalty and continuous brand engagement.

Tyler Moebius, CEO of SmartMedia Technologies, Visa’s web3 partner in this endeavor, expressed excitement about the collaborative relationship with Visa. He emphasized that “This collaboration is not just about enhancing rewards for customers; it’s about redefining the exchange of value between brands and consumers in the mobile-first world.”

SmartMedia Technologies uses a blockchain-agnostic protocol called SmartNFT. This protocol was developed by BLOCKv, a company they acquired. The protocol is said to enable the creation and issuance of smart NFTs that can be dynamic across several leading blockchains. This means that SMT does not rely on a single blockchain but can operate across multiple blockchains, providing flexibility and broad compatibility.

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