Visa has announced that it has come up with a Web3 engagement solution. The objective, as the name suggests, is to reward customers for their active engagement with brands. The value-added service has been developed in association with SmartMedia Technologies. It makes things interesting for customers through gamified giveaways, loyalty points, and AR treasure hunts.
Visa is basically targeting customers who look for rewards in a new manner. Traditional rewarding mechanisms have not evolved for decades. Visa has now identified that gap and has expressed commitment to make up for it by bridging the fundamentals of Web2 and the innovations of Web3.
Kathleen Pierce-Gilmore, the Senior VP and Global Head of Issuing Solutions at Visa has said that the Web3 Engagement Solution empowers brands to reward their customers not just for transactions they execute but also for being active when it comes to engagement. Kathleen has added that this paves the way for digital and real-world experiences that are secure and seamless.
Studies suggest that almost 77% of consumers value real-world experience and 60% value experiences that have been curated, or tailored, specifically for them.
That comes to light in the wake of rising consumer expectations about how they receive rewards and what they receive them for. SmartMedia Technologies is confident that it can provide a curated experience while also being user-friendly for everyone across the globe. While actual implementation may depend on the region, most of them will have digital wallets entering the market to enable customers to apply their rewards for virtual and real-world experiences.
Tyler Moebius, the Chief Executive Officer of SmartMedia Technologies, has said that the association with Visa goes beyond enhancing the reward mechanism for customers. Adding to that, it goes on to touch on the aspects of redefining the value exchange between consumers and brands in a world where mobile payments are gaining traction every day.
Tyler has also expressed their commitment to delivering rewarding experiences to consumers who actively engage with brands and stay relevant to the market.
When implemented, the engagement solution by Visa will be as convenient as earning a collectible for buying tickets to a sports event.
The development could not have come at a better time. The segment is looking for something that keeps the light at the end of the tunnel working. When a report highlighted the possibility of the SEC rejecting Bitcoin ETF applications, the cryptocurrency market recently experienced a crash.
Creating a bridge between the Web2 and Web3 worlds is critical, since it maintains the community’s faith in the industry. Not that the crypto market has suddenly recovered, but Web3 must continue, and it can only do so if events like this continue.
Visa and SmartMedia Technologies joining hands sets a trend for other players in the payment market to explore ways in which they can reward their customers for active engagement.
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