Circle Internet Financial (Circle), a global fintech company, has partnered with BitoGroup, a leading cryptocurrency market player in Taiwan, and Taiwan FamilyMart, the nation's second-largest convenience store chain. Together, they are expanding the horizons of loyalty points, elevating their value, and making it easier for the Taiwanese market to participate in the digital economy.
- The 'Points-to-Crypto' service is accessible through the Taiwan FamilyMart App and the BitoPro Exchange. Customers can specify the amount of FamiPoints they wish to convert via the app and provide their BitoPro account details to complete the transaction.
- This initiative preserves the value of loyalty points over time and incurs zero transaction fees, democratizing access to cryptocurrencies for a broader demographic.
- Taiwan boasts one of the world's highest densities of convenience stores, where loyalty points play a crucial role in daily life. A 2021 consumer behavior survey highlighted "Points Accumulation and Redemption" as the most practical feature among retail app functions.
- The partnership between Circle, BitoGroup, and FamilyMart signifies a transition from physical convenience store locations to seamless online experiences and strengthens Taiwan's position as a leader in the digital economy.
This innovative partnership introduces a revolutionary 'Points-to-Crypto' service available through the Taiwan FamilyMart App and the BitoPro Exchange. Now, customers can transform their FamilyMart loyalty points, known as FamiPoints, into digital currencies like USDC. The process is user-friendly: customers can specify the quantity of FamiPoints they wish to convert via the Taiwan FamilyMart App and provide their BitoPro account details to complete the conversion.
The conversion of FamiPoints into USDC ensures that the value of loyalty points remains preserved over time. Importantly, this conversion comes without transaction fees, making cryptocurrencies accessible to a broader audience.
Strengthening the Loyalty Points Economy
Taiwan is renowned for its high density of convenience stores, where loyalty points have become an integral part of everyday life. According to the Market Intelligence & Consulting Institute (MIC) in Taiwan, "Points Accumulation and Redemption" topped the list as the most practical feature among major retail app functions in a 2021 consumer behavior survey. An additional Mobile Payment Consumer Survey by MIC in 2021 revealed that 87% of users actively accumulate points, with a staggering 99% of them frequently redeeming points for products. These statistics underscore the pivotal role of loyalty points in the daily lives of Taiwanese citizens and the tremendous consumer potential embedded in the loyalty points economy.
Raagulan Pathy, Vice President of Asia Pacific for Circle, expressed his excitement about the partnership, stating, "Circle is thrilled to collaborate with BitoGroup and Taiwan FamilyMart to facilitate access to digital currencies in Taiwan. With the introduction of USDC in the enhanced 'Points-to-Crypto' service, we aim to empower the Taiwanese community to seamlessly participate in the digital economy and support Taiwan's adoption of digital fintech innovations."
For Titan Cheng, the founder and CEO of BitoGroup, this collaboration represents a commitment to ushering in the era of Web3 for both businesses and the public. Cheng emphasizes that the enhanced 'Points-to-Crypto' service on the BitoPro Exchange offers unparalleled flexibility, versatility, and empowerment through loyalty points conversion. He envisions expanding the USDC ecosystem and building a robust Web3 infrastructure in Taiwan through the strategic alliance with Circle and FamilyMart.
BitoGroup, with nearly 800,000 members and a commanding market share of almost 90% in Taiwan, operates various services, including BitoPro (a cryptocurrency exchange), BELS (an NFT empowerment platform), and O2 META (a metaverse-focused social media platform).
Donghao Liu, Director of Digital Finance Department at Taiwan FamilyMart, emphasized that this upgraded service solidifies their commitment to offering the utmost convenience to members. The simplicity of accumulating, redeeming, and converting FamiPoints has attracted over 17 million members nationwide. Liu stated, "We are dedicated to further enhancing the value of FamiPoints for our members by continually offering more diverse and convenient avenues for loyalty point utilization. The enhanced service not only introduces a wider range of virtual currencies that FamiPoints can be exchanged for in just two simple steps but also promises to positively impact the loyalty points economy in Taiwan."
Establishing Taiwan as a Leading Web3 Gateway in Asia
Taiwan FamilyMart and BitoGroup have been at the forefront of enabling customers to purchase Bitcoin at convenience store locations across Taiwan since 2014. This initiative set a global record for the most extensive physical network for cryptocurrency purchases. The partnership between Circle, BitoGroup, and FamilyMart signifies a transition from physical convenience store locations to seamless online experiences. It also marks a significant milestone in granting access to innovative financial tools and solidifying Taiwan's position as a leader in the digital economy.