Quick take:
- Visa has piloted its Web3 customer loyalty program allowing brands to create digital wallets for storing points and experiences on behalf of their customers.
- Visa’s Kathleen Pierce-Gilmore sees this as a necessary evolution for customer loyalty programs.
- The company’s new program is designed in partnership with SmartMedia Technologies, a Web3 engagement and loyalty platform.
Visa has launched a pilot for its Web3 Customer Loyalty Program. The Visa Web3 Loyalty Engagement Solution allows brands to create digital wallets for storing rewards points and experiences on behalf of their customers.
The program is designed in collaboration with SmartMedia Technologies, a Web3 engagement and loyalty platform. The program will enable customers to earn perks and benefits including real-world experiences in the travel, sports and entertainment industries.
Leading restaurant chain Starbucks has already demonstrated how realistic these perks can be with Starbucks Odyssey, following the success of its Polygon-based Web3 loyalty program. In December 2023, the company rewarded the top 20 members in its program with a trip to Costa Rica covering Flight, hotel and activities.
According to Visa, its Web3 loyalty program features a variety of experiences that customers can interact with to earn points including gamified giveaways and immersive treasure hunts.
Visa is looking to help brands build stronger relationships with their brands amid a lack of customer loyalty program evolution and innovation over the past decade. According to the report, brands still need to integrate their shared values with customers into their programs to build stronger relationships.
Commenting on the announcement, Kathleen Pierce-Gilmore, the SVP and global head of issuing solutions at Visa highlighted the ability to earn unique digital collectibles by interacting with a brand’s products and services as one of the attractions for customers.
“Our innovative Web3-based loyalty solution empowers brands to reward customers not only for their transactions but for their active engagement, paving the way for secure, seamless and immersive digital and real-world experiences at their fingertips,” Pierce-Gilmore said.
This is not Visa’s first foray into Web3. In 2022, the company launched a 12-month Web3 incubation program for creators including those in art, music, film and fashion to support them in their efforts to incorporate NFTs in their works.
In September 2023, the company also expanded its USDC stablecoin pilot to the Solana blockchain in collaboration with Worldpay and Nuvei.
Visa also invested in the crypto-focused venture capital firm Blockchain Capital’s $580 million fundraising.
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