Global payment giant Visa is once again promoting Web3 technology with its new venture, the Visa Web3 Loyalty Engagement Solution, a platform designed to enable affiliate brands to create digital wallets where they can store points and experiences on behalf of consumers.
Visa is no stranger to the Web3 space, having purchased a CryptoPunk during the height of the NFT boom, and more recently launching a pilot to send USDC to merchants via the Solana Blockchain.
This initiative integrates Web3 technologies and will enable companies to offer digital collectibles and immersive experiences, while storing all rewards points in a digital wallet address. Senior Vice President and global head of issuing solutions at Visa, Kathleen Pierce-Gilmore said:
Imagine earning a unique digital collectible, whether it’s from purchasing tickets for a sports event or participating in an augmented reality treasure hunt.
The new loyalty solution may revolutionise how merchants provides perks and benefits to their customers and will encourage customers to participate with brands they identify with and trust.
Our innovative Web3-based loyalty solution empowers brands to reward customers not only for their transactions but for their active engagement, paving the way for secure, seamless and immersive digital and real-world experiences at their fingertips.
By integrating Web3 technologies and utilising blockchains and digital wallets, Visa will be able to offer a more secure and user-focused online experience. Visa's move into his space is reflective of the broader industry trend towards adopting these emerging technologies.
By Michael Bacina and Luke Misthos