[NEWS] Visa to offer new loyalty platform leveraging Web 3.0 technology

Visa, a major payment company, announced on the 4th that it will provide a new loyalty platform for businesses using Web 3.0 technology.

To advance this project, Visa will partner with SmartMedia Technologies, which develops enterprise Web 3.0 platforms. This platform will enable brands to offer Web 3.0 loyalty programs to end users.

Visa explains that through immersive programs such as gamified prizes, AR-enabled treasure hunts, and new ways to earn loyalty points, businesses will be able to meet the next generation of customers in the digital and virtual worlds.

Kathleen Pierce-Gilmore, SVP and Global Head of Issuing Solutions at Visa, pointed out that "Consumers want to engage with brands in new ways, but traditional loyalty programs have not evolved in the last decade."

He added, "Visa's innovative digital loyalty solutions not only reward customers for their transactions with brands, but also for their active engagement, paving the way for safe, seamless and immersive digital and real-world experiences."

More and more consumers want loyalty to involve brand interaction and fun

According to Visa's research, many consumers now have new expectations for the value they get from loyalty programs. They want it to be fun, easy and rewarding, in addition to engaging with and interacting with brands, not just purchasing and loyalty.

This is evident from the survey, which showed that more than 77% of consumers worldwide value real-world experiences, and 60% want curated experiences that suit their preferences.

Tyler Moebius, CEO of SmartMedia Technologies, said, "Our Web 3.0 platform is seamlessly integrated with Visa's digital payment solutions to provide an experience for brands to connect with consumers. We are redefining the value exchange between brands and consumers in a mobile payment-first world. We are committed to providing consumers with more engaging and rewarding experiences."

SmartMedia Technologies was founded in 2018 and provides a platform for brands to offer Web 3.0 engagement and loyalty programs. To date, it has partnered with American Express and Burberry.

Reference:Announcement
Image: Shutterstock

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