Visa, the global leader in digital payments, has teamed up with SmartMedia Technologies, a pioneer in web3 loyalty, to launch a new platform for brands to offer digital collectibles via loyalty programs to their customers.
The program’s purpose was to create a platform that leverages SmartMedia Technologies’ web3 digital asset management and engagement platform, to create, a more unique experience for digital brands such as Visa.
Tagged the Visa Web3 Loyalty Engagement Solution, brands can provide their customers with a Visa-backed web3 wallet to store and access their digital assets, such as crypto, NFTs, and loyalty coins.
Customers can also enjoy immersive and gamified experiences, such as augmented reality (AR) drops, treasure hunts, and sweepstakes, that unlock promotional tokens, perks, and benefits.
“The new Visa Web3 Loyalty service will allow brands to reward customers both for their transactions and for their active engagement,” said Kathleen Pierce-Gilmore, SVP and Global Head of Issuing Solutions at Visa.
The new Visa Web3 loyalty reward system will give customers digital wallets that can be used to collect tokenized tickets and loyalty coins.
Also, the tokens issued by Visa will be managed and stored by Paysafe to mitigate the risks associated with data breaches or fraudulent activities.
The Visa Loyalty Engagement Solution is available for financial institutions and merchants in the US and will be rolled out to other regions in the future.
The solution is part of Visa’s ongoing efforts to support the innovation and adoption of web3 technologies, such as crypto and NFTs, in the payments ecosystem.
The SmartMedia Technologies Enterprise Web3 Engagement Platform will make web3 easy, secure, and open for both customers and end users in the coming future.
With this partnership, financial institutions and merchants can have their own branded mobile apps to create their own marketplaces and communities.