Visa Provides Web3 Loyalty Solution To Solidify Customer Base

Nausheen Thusoo
January 4, 2024
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Payment network VISA announced in a press release on Thursday. It said that it will launch the VISA Web3 Loyalty Engagement Solution in partnership with SmartMedia Technologies. Under the new customer loyalty program, VISA aims to provide services like gamified giveaways, augmented reality treasure hunts, and new ways to earn and burn loyalty points in an attempt to keep its customers loyal to the payment giant’s services.

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VISA’s new scheme

VISA in an attempt to claw back its customers announced the launch of a NEW Web3 Engagement Solution. Under the re-designed service, customers using the company’s payment services will be able to gain extra digital points on making transactions.
Payment facilitators across the world have seen an upscale in online customer base, especially after the 2020 global pandemic. However, with rising competition, it has become necessary for all facilitators to develop a loyal customer base to avoid losing business.

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VISA customers to offer rewards

VISA under its new loyalty program will give its customers a chance to get a variety of digital assets. This could be rewards for ticketing, token-gating, loyalty assets, collectibles, gamified giveaways, AR treasure hunts, and more.

The new Visa solution, powered by SmartMedia Technologies, can provide brands with an enterprise platform that bridges Web2 with Web3 innovation that is user-grade and can be customized to create curated experiences and offers for consumers, the company added in the statement.

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The rise of the digital reward system

In the wake of a growing customer base that usually prefers personalized gifts and a solid loyalty program, various industry behemoths have started relying more on enhancing Web3 services to give out rewards.
Starbucks, Nike, Adidas, and Venmo are just a few names on the list of colossal companies that have turned to Web3 loyalty programs to enhance user experience and possibly turn them into brand advocates.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.