The Visa rewards system will be powered by SmartMedia, an enterprise engagement and loyalty platform for businesses.
Visa Inc (NYSE: V), one of the leading payment companies in the United States, has launched a Web3 royalty reward solution in collaboration with SmartMedia Technologies.
In an official press release published on January 4, 2024, the payment giant said the new customer rewards system aims to provide brands with an enterprise platform connecting Web2 users to Web3 innovations.
Visa Unveils New Loyalty Platform for Businesses
The Visa loyalty solution is designed for businesses to create customized experiences and offers for loyal customers. The platform aims to eradicate the traditional rewards system where customers can only benefit from their loyalty by earning points for their engagements.
According to the press release, customers now have increased appetites about the value they receive from royalty programs.
The release also cited research that found that over 77% of consumers worldwide prefer real-world experience to points they receive from the companies they interact with, and around 60% desire curated experiences tailored to their preferences.
With these findings in mind, Visa has introduced its loyalty solution where users can receive real-world experiences, gamified giveaways, and augmented reality treasure hunts as rewards for their loyalty.
Businesses can also adopt the Visa loyalty solution to reward their loyal customers by providing a crypto wallet where they can receive rewards such as perks and benefits in the form of digital or real-life experiences in different sectors such as travel and sports.
“Consumers are looking to engage with brands in new ways, and traditional loyalty programs have not evolved over the past decade. Imagine earning a unique digital collectible, whether it’s from purchasing tickets for a sports event or participating in an augmented reality treasure hunt,” Visa said.
Visa Partners SmartMedia Technologies
The Visa rewards system will be powered by SmartMedia, an enterprise engagement and loyalty platform for businesses. Visa said it partnered with the company primarily for the new venture.
The Visa loyalty platform will be integrated into the company’s Web3 platform, offering “unparalleled experiences” for brands to connect with customers.
“This collaboration is not just about enhancing customer rewards; it’s about redefining the value exchange between brands and consumers in a mobile payments-first world. We are committed to delivering experiences that are as rewarding as they are engaging and relevant for today’s evolving consumers,” said Tyler Moebius, CEO of SmartMedia Technologies.
The company was launched in 2018 to power gamified augmented reality and spatial experiences for consumers to earn and redeem tokens and other rewards through its Web3 mobile wallet, known as SmartMedia Wallet.
Aside from Visa, the company has previously worked with other companies, including payment firm American Express, Unilever, and luxury fashion brand Burberry.