Visa launches Web3 loyalty programme for digital wallets

credit: Shutterstock
credit: Shutterstock

Global card network Visa is diving deeper into Web3 by launching a new loyalty programme that enables brands to create digital wallets for customers. 

Those who sign up to the new Visa Web3 Loyalty Engagement Solution will be able to create wallets for customers to access and store reward points. The programme seeks to further give back to users by aiming to evolve the loyalty and reward program space. 

Further benefits down the pipeline for the Visa Web3 loyalty service will include immersive treasure hunts, gamified giveaways and other interactive elements that will look to create new and innovative experiences. 

Kathleen Pierce-Gilmore, SVP and Global Head of Issuing Solutions of Visa, commented: “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.”

SmartMedia Technologies was brought onboard to develop the Web3 loyalty program in partnership with Visa. The service will also enable brands to provide additional perks and benefits like online and real-world opportunities in the travel, sports and entertainment fields. 

“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. 

“We are committed to delivering experiences that are as rewarding as they are engaging and relevant for today’s evolving consumers.”

The Web3 Loyalty Engagement Solution is not Visa’s first foray into the Web3 world, as the company has been developing solutions and methods for tokenised payments for the last several years. 

Last September, the card network giant worked alongside blockchain service Solana to tap into the capabilities of cross-border digital currency transactions to settle fiat-denominated payments. 

Cuy Sheffield, Head of Crypto at Visa, said last September: “Visa is committed to being on the forefront of digital currency and blockchain innovation and leveraging these new technologies to help improve the way we move money.”