Australian blockchain startup EZToken has just announced the launch of the EZToken Rewards loyalty program, an international cryptocurrency loyalty program that is now the largest blockchain-based network of its kind in the world.
Instead of typical loyalty points of traditional loyalty programs, EZToken rewards users for their interactions with participating retail outlets using EZToken cryptocurrency, which can then be spent as any other type of currency.
The EZToken Difference
Unlike the static feature of conventional loyalty points, EZToken’s value is fluid owing to its active trading on the open market via digital exchanges throughout the world. Members who earn EZToken will have several options: hold the tokens to accrue value, use them at participating retailers, or even send them to other EZToken Rewards program participants.
Since EZTokens never expire, they are a better way of storing value than traditional loyalty points, which are often restrictive in nature in terms of validity.
EZToken Rewards founder Hoa Nguyen spoke of the company’s strong belief in the ability of cryptocurrency to replace miles and points as the chief means of loyalty currency. Nguyen said that customers now demand loyalty programs that give them value and that are flexible on how they use that value, along with the confidence that the value does not expire:
“Cryptocurrencies are superior to loyalty points as they deliver to all three.”
Loyalty & Reward Co CEO Philip Shelper was also keen to share the benefits of the program, as part of his role in providing consultancy support to EZToken Rewards for their global launch. Shelper said that more than 80 retailers are already on board with the program via its innovative EZScan© point of sale device that ensures members receive rewards immediately:
“We absolutely see the benefits of replacing loyalty points with cryptocurrencies and we’re confident consumers will too. It’s time for the loyalty industry to be disrupted, and EZToken Rewards are leading the way…”
Late last year, Loyalty & Reward Co conducted the first of its kind blockchain loyalty research project at the University of NSW. The study found that cryptocurrency, if compared to loyalty points, serve better at promoting member engagement.
CEO of analytical firm The Point of Loyalty, Adam Posner also shared some insights from its annual loyalty research study in Australia, ‘for love or money 2018’, as partnering consultants for EZToken. Posner believed that cryptocurrency provided a unique alternative to points:
“Australian loyalty program members have an appetite for cryptocurrency as a reward with 36% of members expressing an interest in being rewarded with cryptocurrency instead of points”.
Thanks to its recent partnership with Surpass Business Solutions, EZToken Rewards now accesses around 3,000 new retailers in Australia, propelling the growth of its merchant network.
New Value for the New Era of Loyalty
Unlike past loyalty programs, EZToken Rewards offers all stakeholders – be they investors, retailers or users – the chance to generate value.
Users can do their shopping at participating retailers, while earning loyalty tokens on all purchases, and generating revenue for retailers. As the value of Eztoken grows with use, users will be encouraged to acquire even more, stimulating increased demand on exchanges. This, in turn, benefits all holders and investors.