January 10, 2024
By Anjali Kochhar
To address the changing digital demands of modern consumers, Visa has unveiled a new web3 loyalty engagement solution that offers immersive experiences including gamified incentives, augmented reality treasure hunts, and creative ways to use loyalty points.
Visa’s SVP and Global Head of Issuing Solutions, Kathleen Pierce-Gilmore, emphasized how consumer-brand relationships are evolving. She underlined that the new digital loyalty system makes it possible for brands to provide incentives for purchases and proactive customer involvement, enabling smooth transitions between online and offline experiences.
According to Visa research, customers’ expectations for loyalty programs are changing, and they now want benefits that go beyond conventional point-based schemes. Nowadays, consumers want rewards depending on their level of engagement, which is consistent with the fact that over 77% of people worldwide appreciate in-person encounters and 60% prefer experiences catered to their tastes.
With its new product, Visa aims to bridge the gap between web2 and web3 technologies by providing brands with a “customizable enterprise platform” that allows them to craft immersive experiences. Consumers can apply incentives for experiences in a variety of industries, including sports and tourism, using a digital wallet.
What is included in the Visa Web3 loyalty program?
With a primary focus on digital collectables, the platform deviates from conventional point-based systems and is specifically targeted at firms wishing to modernize their loyalty rewards programs. Consumers may obtain, use, and amass these digital assets, which can be utilized in augmented reality (AR), found on maps, and in a variety of other interactive contexts to expand the breadth of the loyalty program experience.
According to reports, the goal of this brand platform is to make it easier for companies to establish and manage digital tokens, collectables, and campaigns by doing away with the need for web3 developers. To streamline user involvement, it also allows marketers to create personalized wallets with a two-click registration process. Thus, web3 wallets associated with brands may soon be available for purchase. To facilitate efficient communication and comprehension with customers, the platform also has an integrated customer relationship management (CRM) system with real-time event triggers and first-party data management capabilities.
The product also provides several capabilities for engaging customers. These consist of digital coupons, token-gated digital access to unlock rewards, digital event tickets, and loyalty coins that can be used in geofenced scavenger hunts. These elements are intended to increase the loyalty program’s adaptability by enabling marketers to tailor their strategy to their particular target market and objectives.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.