ShopNEXT Collaborates with Visa in Innovative Web3.0 Move

UTC by Mayowa Adebajo · 2 min read
ShopNEXT Collaborates with Visa in Innovative Web3.0 Move
Mr. Kelvin Utomo and Mr. Linh Le, representatives of Visa and ShopNEXT in the signing ceremony. Photo: ShopNEXT

ShopNEXT hopes to contribute its quota to the global economy and help merchants across the world to grow their various businesses.

BNB Chain-backed ShopNEXT has partnered with payments giant Visa to launch a first-of-its-kind Web3.0-focused loyalty platform. The partnership was announced by ShopNEXT in a Friday press release in line with its efforts to contribute its quota to the global economy while also helping merchants across the world to grow their various businesses.

ShopNEXT to Bolster Web3.0 Adoption

With this move, ShopNEXT will be looking to support the adoption of Web3.0 among global users. It intends to achieve this by offering its users, who have Visa cards, the opportunity to shop with ease and also be eligible to earn token rewards. However, they must first link their Visa cards to their mobile apps. For its part, ShopNEXT says it will track all card settlements via VisaNet and reward users accordingly.

Interestingly though, ShopNEXT will also be offering users the opportunity to boost their rewards. By mixing shopping with gamification and NFT rewards, ShopNEXT introduces an innovative Shop-To-Earn model.

Speaking about the collaboration with Visa, ShopNEXT CEO, Mr. Linh Le said his firm is interested in helping merchants navigate the difficult global economy that is suddenly the reality after COVID-19. He said in part:

“We want to leverage the beauty of Web3 to create an appealing Loyalty platform.”

Linh further said that the partnership will help the firm speed up its acquisition of merchants and users globally.

The Country Manager of Vietnam and Laos for Visa, Ms. Dung Dang, also shared her firm’s excitement about the partnership. She said:

“Visa is excited about this new collaboration with ShopNEXT that is pushing out the horizon of digital shopping.”

Shop-To-Earn: How It Compares to Other Models

It might be worth noting that the Shop-To-Earn model boasts an advantage over other common models like Play-To-Earn or Move-To-Earn. Per the release, ShopNEXT says its innovative model is more sustainable. In its explanation, the platform says that the Shop-To-Earn model ensures that every party involved is a winner. And while the users are encouraged to shop some more if they are to earn more token rewards, the merchants are also growing their businesses in the process.

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Mayowa Adebajo

Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this. He's a reader, a researcher, an astute speaker, and also a budding entrepreneur. Away from crypto however, Mayowa's fancied distractions include soccer or discussing world politics.

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