According to Blockworks, Visa has announced the release of a Web3 loyalty service, called the Visa Web3 Loyalty Engagement Solution. This customer engagement platform will allow brands to create digital wallets for storing reward points and experiences on behalf of consumers. The service aims to address the growing demand for rewarding customers for engaging and interacting with brands, rather than just purchasing their products or services.
Kathleen Pierce-Gilmore, the SVP and global head of issuing solutions at Visa, stated that traditional loyalty programs have struggled to innovate and evolve over the past decade. The new loyalty solution, developed in partnership with Web3 engagement and loyalty platform SmartMedia Technologies, will enable brands to provide digital wallets to their customers, allowing them to earn perks and benefits such as online or real-world experiences in travel, sports, and entertainment.
Visa has a long history in the crypto space, having launched a crypto advisory unit in 2021 to help clients and partners navigate the industry. The company has card programs with various exchanges, began settling transactions in USDC as early as 2020, and recently started allowing partners to send or receive USDC payments via the Solana blockchain. With the introduction of the Web3 Loyalty Engagement Solution, Visa aims to reshape rewards using Web3 technology and increase adoption of this use case.
