Visa Provides Web3 Loyalty Solution To Solidify Customer Base

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.

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.

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.

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.