Visa, a global leader in payments, has embarked on a venture into web3 loyalty rewards through a strategic partnership with SmartMedia Technologies.
Visa has introduced a web3-based loyalty rewards program. This initiative aims to empower customers by offering digital wallets to collect tokenized tickets, loyalty coins, digital collectibles, and various perks from partnering brands. These rewards can then be utilized for both virtual and physical experiences, marking a substantial shift in traditional loyalty offerings.
Recent research has underscored consumers' heightened expectations beyond traditional points-based rewards, emphasizing the desire for engagement and interactions that are enjoyable, effortless, and rewarding. More than 77% of global consumers value real-world experiences, with 60% yearning for personalized, curated experiences tailored to their preferences.
The Visa solution, developed in collaboration with SmartMedia Technologies, presents an enterprise platform merging the innovation of Web3 with user-grade technology, enabling tailored experiences and offerings for consumers. Brands can engage customers by providing a digital wallet to apply rewards – perks, and benefits – towards virtual, digital, or real-world experiences in sectors such as travel and sports.
Tyler Moebius, CEO of SmartMedia Technologies, expressed enthusiasm for the partnership, emphasizing the aim to redefine the value exchange between brands and consumers. "Our collaboration with Visa isn't just about enhancing customer rewards; it's about transforming the brand-consumer relationship in a mobile payments-oriented world."
Visa's mission is to facilitate global connectivity through an innovative, reliable, and secure payments network, fostering inclusive economies. SmartMedia Technologies serves as an Enterprise Web3 engagement and loyalty platform trusted by leading brands to simplify and enhance Web3 experiences for todays and future consumers. The collaboration between Visa and SmartMedia Technologies seeks to deliver engaging, rewarding, and personalized experiences in a mobile-centric world.