Visa (NYSE: V), a digital payments firm, announced the launch of the Visa Web3 Loyalty Engagement Solution.
The new value-added service reportedly aims to usher in “the future of customer engagement and loyalty, helping brands meet next-generation customers where they increasingly are – in digital and virtual worlds – through immersive programs like gamified giveaways, augmented reality treasure hunts, and new ways to earn and burn loyalty points.”
Kathleen Pierce-Gilmore, SVP and Global Head of Issuing Solutions, Visa, said:
“Consumers are looking to engage with brands in new ways, and traditional loyalty programs have not evolved over the past decade. Imagine earning a unique digital collectible, whether it’s from purchasing tickets for a sports event or participating in an augmented reality treasure hunt. Our new innovative digital 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.”
Research shows that consumers today “have new and heightened expectations about the value they receive from loyalty programs, and this extends beyond traditional points-based benefits.”
People want to be rewarded “not just for their purchases and loyalty, but for their engagement and interactions with a brand – especially if it is fun, easy and rewarding.”
This is underscored by “the fact that more than 77% of consumers worldwide value real-world experiences, and 60% desire curated experiences tailored to their preferences.”
The new Visa solution, “powered by SmartMedia Technologies, can provide brands with an enterprise platform that bridges Web2 with Web3 innovation that is user-grade and can be customized to create curated experiences and offers for consumers.”
With the use of this solution, brands can “engage customers by providing a digital wallet where they can apply rewards – such as perks and benefits – towards virtual, digital, or real-world experiences, in various sectors such as travel, sports and more.”
Tyler Moebius, CEO of SmartMedia Technologies, said:
“SmartMedia Technologies is thrilled to partner with Visa in revolutionizing the future of loyalty and engagement. Our enterprise Web3 platform seamlessly integrates with Visa’s digital payment solutions, offering unparalleled experiences for brands to connect with consumers. 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. We are committed to delivering experiences that are as rewarding as they are engaging and relevant for today’s evolving consumers.”