LoyalCoin Gives Points for Qualified Purchases
LoyalCoin is in the process of creating the world’s largest loyalty network. The unique program allows users to accumulate points when they purchase products or services from thousands of brands. It is seen by some retail experts as cleverly leveraging the power of blockchain technology.
The Philippines-based company has created a blockchain-based global rewards scheme where purchases can earn points, redeemable from a wide array of goods and services. Users can redeem accumulated points for things like taxi rides, air miles as well as fast food tastes. In addition, LoyalCoin will allow users to cash out their points into fiat currency starting August.
LoyalCoin has made inroads in the loyalty and rewards spaces as it continues to leverage, widespread adoption of cryptocurrencies. The company expects the reward program to allow businesses to gain customers and revenue. Coin holders also stand to see the value of their points increase as the loyalty economy grows. According to Chief Operating Officer Paolo Bediones, now is the time for cryptocurrencies to be part of the global reward programs.
“The idea is that customers can combine their loyalty points from different merchants into one place. That means they can much more easily keep track of them and trade them for things they actually want – and in more ways than they previously thought possible,” said Mr. Bediones.
LoyalCoin Expansion Plan
While LoyalCoin has focused its operations in the Philippines, it is planning to expand its footprint into South Korea, Japan and the U.S. The three countries account for a considerable amount of cryptocurrencies transactions. These countries also present a unique customer base that LoyalCoin can take advantage of with its blockchain loyalty program.
The company has already signed deals with some big brands to facilitate its global rewards network. In May, it inked a deal with Filipino airlines Cebu Pacific. It has also teamed up with convenience store 7-Eleven and taxi company Grab. LoyalCoin has also teamed up with NEM foundation resulting in the creation of a 200,000 strong community with nine billion coins in circulation.