Visa Announces Web3 Loyalty Program Launch

Payment giant Visa has continued its foray into the Web3/blockchain space, piloting a new loyalty service revolving around digital collectibles and immersive experiences. This marks yet another merger between TradFi and the cryptosphere, with Visa a key player in bringing the two industries together. Visa are already partnered with 60+ native crypto wallets as well as developing ways for consumers to settle digital currency transactions using their debit/credit cards. But this newest venture might be the most exciting of the lot.

Traditional Loyalty Programs Need an Overhaul

According to a Bond survey of over 60,000 consumers around the world, customers are growing tired of generic loyalty programs that simply return points in exchange for buying products. Rather, customers are itching for loyalty memberships that actually engage with them, providing unique benefits beyond the traditional 1% cashback model used by most retailers.

Head of Issuing Solutions at Visa, Kathleen Pierce-Gilmore, spoke to how Web3 and digital collectibles can reinvent the wheel and provide customers just what they’re looking for:

Imagine earning a unique digital collectible, whether it’s from purchasing tickets for a sports event of participating in an augmented reality treasure hunt.

Kathleen Pierce-Gilmore, Head of Issuing Solutions at Visa

Visa has enlisted the help of SmartMedia Technologies to make their vision of an interactive loyalty program a reality. The CEO of this company, Tyler Moebius, was bullish on the potential of Web3 technology in improving rewards programs in an evolving world.

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.

Tyler Moebius, CEO SmartMedia Technologies

The loyalty programs will mostly focus on digital collectibles (think NFTs), that can be earned, swapped or even interacted with via augmented reality. The team even plans to gamify the whole experience, adding an extra layer of depth beyond just collecting and trading digital assets. 

The new venture will be targeted toward everyday Visa users, as the collaboration plans to simplify the Web3 world so that even the most crypto-naive customers can enjoy the new world of benefits at their fingertips.