International payment giant Visa announced yesterday the launch of a service called “Visa Web3 Loyalty Engagement Solution,” which allows its partner brands to create digital wallets for consumers to store reward points and enhance their shopping experiences. Customers can earn additional incentives and benefits while making purchases.
Background:
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Visa, the international payment giant, officially launched a Web3 loyalty service called “Visa Web3 Loyalty Engagement Solution” for its users on April 4th. This service allows its partner brands to create digital wallets that can store reward points and enhance the consumer experience, including gamified gifts and immersive treasure hunt activities.
Users can receive additional incentives and benefits.
According to Blockworks’ report, Visa’s Web3 loyalty service was designed in collaboration with SmartMedia Technologies, a loyalty platform. The service aims to change the existing loyalty experience through secure, seamless, and immersive digital and real-world experiences.
Kathleen Pierce-Gilmore, Senior Vice President of Visa, also stated that the new Web3 loyalty service can provide customers with additional incentives and benefits, such as entertainment, travel, and sports experiences in online or real-world activities.
Visa actively embraces Web3. As a traditional financial service company, Visa has shown a highly proactive attitude towards the Web3 world. In addition to the Web3 loyalty service launched this time, Visa has already initiated multiple projects in the cryptocurrency field, such as:
In 2021, Visa established a cryptocurrency division to help its customers and partners enter the crypto world.
In 2020, Visa announced that it could accept the USDC stablecoin for transactions. In September 2023, it will expand its stablecoin settlement function to the established public blockchain Solana. Visa also plans to collaborate with payment platforms Worldpay and Nuvei to further promote cryptocurrency payments when using credit cards.
Further reading: Visa is conducting USDC payments through Solana, promoting credit card cryptocurrency payments.
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