Visa Debuts Web3-Based Loyalty Solution to Help Brands Engage with Consumers in New Ways

Visa has unveiled a new web3-based loyalty solution for brands.

Visa has launched a new Web3 Loyalty Engagement Solution designed to “usher in the future of customer engagement and loyalty” with a suite of immersive products that brands can offer their customers, including gamified giveaways, augmented reality treasure hunts and new ways to earn and spend loyalty points.

Consumers’ loyalty program preferences and expectations are evolving, and while financial benefits are still seen as valuable, consumers also are increasingly seeking services and experiences that reflect their journey and growing relationship with a brand. A number of brands, including Starbucks, Adidas, E.l.f. Cosmetics, Ticketmaster and Nike have been testing Web3 technologies to do just that.

The new Visa solution, which is powered by SmartMedia Technologies, offers brands an enterprise platform that bridges the worlds of Web2 and Web3, and can be customized to create curated experiences and offers for customers. Brands can, for example, engage customers by providing a digital wallet where they can apply rewards — such as perks and benefits — toward virtual, digital or real-world experiences in sectors such as travel, sports and more.

“Consumers are looking to engage with brands in new ways, and traditional loyalty programs have not evolved over the past decade,” said Kathleen Pierce-Gilmore, SVP and Global Head of Issuing Solutions at Visa in a statement. “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.”

“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,” added Tyler Moebius, CEO of SmartMedia Technologies in a statement. “We are committed to delivering experiences that are as rewarding as they are engaging and relevant for today’s evolving consumers.”