Global payment giant Visa announced on Thursday (4th) the launch of its Web3 loyalty participation solution, claiming that the system can enhance customer engagement for brands.
According to the press release issued by Visa, the new Visa solution will provide brands with a customizable enterprise platform to create curated experiences and offers for their consumers. Brands can also attract customers by offering digital wallets for collecting tokenized vouchers, loyalty tokens, digital collectibles, and other benefits provided by the brand, which can then be applied to virtual and physical experiences.
A Visa spokesperson stated in an interview with The Block that users of this platform do not need to possess advanced knowledge of blockchain technology to use these rewards. They added, “From the participation platform pioneered by our partners to our simple two-click mobile registration, this product makes it easy for both partners and consumers to get started on Web3.”
SmartMedia Technologies, a Web3 enterprise platform, is providing technical support for Visa’s new Web3 loyalty platform. The company, founded in 2018, has previously collaborated with payment company American Express, consumer goods company Unilever, and luxury fashion brand Burberry.
Tyler Moebius, CEO of SmartMedia Technologies, stated in a press release that their new collaboration with Visa is not only to enhance customer rewards but also to redefine the value exchange between brands and consumers in a mobile-first world of payments.
Related reports:
– “Visa and Mastercard Deny Rumors, Reaffirm Plans to Collaborate with Cryptocurrency Companies”
– “Visa Announces Expansion of Stablecoin Settlement Capability to Solana, Partners with Merchant Acquiring Institutions for Pilot”
– “Visa Completes Gas Fee Testing for Credit Card Payments on Ethereum Testnet”
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