Visa announces launch of Web3 loyalty service, allowing brands to create digital wallets for consumers to store points and experiences

Visa has announced the launch of its Web3 loyalty service, which allows brands to create digital wallets for consumers to store points and experiences. Bond’s “The Loyalty Report” data shows that consumers want to be rewarded for interacting with brands, not just for shopping. The report points out that consumers prefer to build relationships with brands with similar values, and traditional loyalty programs have not yet effectively integrated this. Visa SVP Kathleen Pierce-Gilmore said that traditional loyalty programs have struggled to innovate in recent years. Visa's Web3 solution, designed in collaboration with SmartMedia Technologies, will provide brands with digital wallets, giving consumers the benefits of online or physical experiences, and completely change the loyalty experience. Visa continues to be active in the crypto field. It will establish a crypto consulting department in 2021 and plans to provide consulting services through the crypto reward program. (BlockWorks)