Payments giant Visa has recently announced the launch of a Web3-based loyalty engagement program. This innovative platform enables various brands to develop custom digital wallets, tailored specifically for their customers.
Visa has unveiled their Web3 loyalty platform, allowing various brands to create custom branded digital wallets for their customers.
Visa Is Solving Brands’ Current Problems
Brands are constantly striving to maintain their unique identity, which is evident in their vigilant protection of Intellectual Properties (IPs), advertising strategies, and more. This new initiative by Visa addresses a common challenge: the creation and management of loyalty platforms, brand IPs, and promotional programs. These elements are essential for enhancing customer engagement and boosting sales.
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Visa’s Web3 Loyalty Engagement Solution
In a detailed YouTube video, Visa elaborates on the workings of its Web3 loyalty program. This program is a significant step towards utilizing blockchain technology for practical purposes beyond mere speculation.
Marc Baumann, a Web3 expert from Switzerland and founder of Dematerialzd, commented on this development:
“Visa allows brands to engage next-gen consumers with virtual, digital, or real-world experiences. This might be a small step for Visa, but with 4 billion debit and credit cards and over 80 million partners globally, this is a massive step for Web3 adoption and ownership-driven consumer experiences.”
Collaboration with BLOCKv (VEE)
Visa has chosen to partner with BLOCKv (VEE) for this project. A critical factor in this decision, as highlighted in BLOCKv’s Whitepaper, is the scalability and transaction per second (TPS) limitations of existing blockchain solutions. Most popular chains currently handle fewer than 100 TPS. This limitation underscores the need for innovative solutions like the one Visa is pursuing with BLOCKv.
BLOCKv has collaborated with several major billion-dollar brands, demonstrating its strong track record in fostering significant consumer loyalty over the years.
Final Thoughts
This development in the Web3 space represents a significant opportunity, particularly for retail brands. The integration of loyalty programs within blockchain technology could potentially emerge as the much-anticipated “killer app” in this domain, marking a pivotal shift in how brands interact with and reward their customers.
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