It has become a common thing for retailers to provide royalty programs to attract customers. As a result, they come up with different types to lure customers as the number of mobile wallets is growing. As a result, customers are also ready to use them more frequently if they are allowed to redeem loyalty points along with every transaction. The latest to join the bandwagon is cryptocurrency-powered loyalty program for both customers and brands. That is a clear sign of taking advantage of the customers’ sentiments of the growing digital currency market.
MobileBridge, which is a mobile engagement firm, disclosed the launching of Momentum, a blockchain-based platform, which will offer royalty program driven by virtual currencies. A recent survey indicated that 94.4 percent of customers would prefer using a mobile wallet if they could redeem loyalty points with every transaction. Another restaurant apps study also indicated that loyal schemes are a must feature in the current trend. The trend is taken advantage by the company that is linking digital currencies for loyalty programs. Incidentally, cryptocurrencies are also getting wider acceptance among different sectors.
Momentum provides enterprises a complete suite of tools that would fuel engagement with loyalty. At the same time, it would also offer insights based on data for their businesses to use. The company intends to provide one location for different reward, as well as, loyalty cards for customers. This included companies from brands, stores, and chain of restaurants, VentureBeat reported. At the same time, it would provide users with tangible value for each transaction that they make.
Eyal Oster, president and co-founder of MobileBridge, said that “The Momentum platform and protocol are very different from a normal loyalty program in the sense that they allow each brand to create their own cryptocurrency with immediate liquidity (without the need to feature the token on any exchange), with clear and stable intrinsic value (without the usual volatility of cryptocurrencies), and with interchangeability with any other token on the Momentum platform.” He believes that this will not only create a strong trust but will also enable mass adoption and mainstream use.
The company disclosed that its platform would allow brands to either launch their own branded cryptocurrency or use the Momentum token. It would also perform as a point of exchange thus enabling users to exchange another company’s token with that of Momentum token. This will only benefit customers who could use such loyal points to make a purchase based on their requirements.
MobileBridge indicated that the wallet is a default one through several other wallets could also make use of its protocol, as well as, tokens. This enables to get tokens and exchange in return for any other coin on its platform. Alternatively, the user could also resort to donation or transfer of their tokens. The additional feature is that the user could use the tokens with whatever brands they like.
The company stated that the app could also be embedded with any other website or app. The company used blockchain technology throughout so that it could ensure transparency and allow tokenization.