“The 'Points-to-Crypto' initiative in Taiwan goes beyond mere marketing gimmicks; it's a tangible step toward financial innovation. By transforming everyday loyalty points into digital currencies, Taiwan is smartly leveraging existing consumer habits to expedite its journey into a decentralised digital economy.”
Image: giphy
Circle Internet Financial, BitoGroup, and Taiwan FamilyMart have come together to turn these loyalty points into digital currencies.
Via the Taiwan FamilyMart App and the BitoPro Exchange, customers can now convert FamilyMart loyalty points, known as FamiPoints, into digital currencies such as USDC.
Think of it like converting your air miles into something far more versatile.
Image: blockcast.it
Unlike traditional loyalty points that might expire or devalue, converting FamiPoints into digital currencies avoids this issue.
Imagine your loyalty points being a cup of milk that doesn't go sour, and you'll get the gist.
Plus, this conversion happens at zero transaction cost, making digital currency more accessible to the average person.
Image: FamilyMart
According to surveys, Taiwan is awash with convenience stores, and the locals are keen point accumulators.
Raagulan Pathy, Vice President of Asia Pacific for Circle, expresses the company's eagerness to bring digital currencies to Taiwan.
"With the introduction of USDC in the enhanced ‘Points-to-Crypto’ service, we aim to empower the Taiwanese community to participate in the digital economy seamlessly and support Taiwan’s stance in embracing digital fintech innovations."
Titan Cheng, the CEO of BitoGroup, echoes this sentiment.
"The enhanced iteration of the Points-to-Crypto service on the BitoPro Exchange introduces unprecedented flexibility, versatility and empowerment through loyalty points conversion."
Essentially, this is akin to turning your coupon book into a universal shopping voucher.
Image: FamilyMart
The company boasts a range of services, a significant market share, and a membership base that's close to 800,000 strong.
Picture them as a Swiss Army knife in the digital financial realm.
Taiwan FamilyMart is equally committed to the venture, as Donghao Liu, Director of Digital Finance Department, explains.
"The enhanced service not only introduces a wider range of virtual currencies that FamiPoints can be exchanged for in just two simple steps, but also promises to positively impact the loyalty points economy in Taiwan."
Image: BitoGroup
This initiative is not Taiwan's first rodeo in digital currencies.
The country set a global record for offering Bitcoin in physical stores way back in 2014.
This latest venture signifies a shift from physical to digital, reinforcing Taiwan's standing in the burgeoning world of digital finance.
The 'Points-to-Crypto' service not only enhances the utility of loyalty points but also gives Taiwan a leg up in the transition to a digital, decentralised economy.
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