VISA, a global leader in digital payments, announced the launch of a new customer loyalty solution today, and this one comes with a decidedly Web3 flair. Called the ‘VISA Web3 Loyalty Engagement Solution,’ this tool allows third-party companies to design campaigns that reward customers wherever they are — including IRL and in virtual worlds.
According to the report, some of the campaigns companies will be able to employ include gamified giveaways, augmented reality scavenger hunts, and other, new ways to gain and burn loyalty points. This all occurs from a digital wallet where customers can store points and collectibles, a secure and easy way to reward customers compared to other methods.
Kathleen Pierce-Gilmore, VISA SVP and Global Head of Issuing Solutions, said in a statement that customers are looking to engage with brands in new ways, and that loyalty rewards programs have not evolved in the past decade. She added that the VISA solution rewards customers based on engagement rather than simple purchasing, adding a new dimension to loyalty programs.
VISA’s solution is powered by SmartMedia Technologies, an enterprise Web3 platform that has worked with Accenture, the San Francisco 49ers, and X Games. It specializes in using technology from the next iteration of the internet, such as NFTs and digital wallets, to take loyalty programs to the next level.
Tyler Moebius, CEO of SmartMedia Technologies, said in a statement that the collaboration between themselves and VISA is not just about enhancing customer rewards. Rather, it’s about redefining the value exchange between customers and companies in a mobile payments-first world.
VISA Delves Deep into Web3
VISA may not be the first name you think of when it comes to Web3, but there’s no doubt the payments processor has been one of the top mainstream companies to explore the next iteration of the internet. Here are three stories involving VISA and Web3, all from the past year.
First, four months ago, VISA expanded its cross-border settlement program to Solana. The move will allow VISA to settle payments using USDC (a stablecoin pegged to the U.S. dollar) on the lightning-fast network. It was also an expansion of the initial program, which took place on the Ethereum blockchain.
Next, eight months ago, VISA posted a job listing for an experienced engineer who was “passionate about the Web3 stack of technologies” and “understands the new Ethereum enhancements.” The job listing also mentioned specific Ethereum blockchain tech and solicited applications from those knowledgeable about private keys and security protocols.
Lastly, about a year ago, VISA revealed that it might bring automatic payments to the Ethereum blockchain. In a technical analysis piece published to the company’s website, a VISA representative said that Web3 payment methods need to be as good as, if not better, than current methods of payment processing.
As these stories show, VISA has been involved in Web3, even during a bear market that has seen much less attention given to the space. Due to the size and stature of the company, that can only be a good sign, and hopefully there will be more moves from VISA in Web3 to come.