Many companies follow a loyalty programme to reward their regular customers and this is one of the useful methods to retain customers. Every business tries to keep their customers repeating their orders and this is how big businesses are trying to retain their customers for the long term. A loyalty programme is one of the methodologies that keep the majority of customers associated with the same brand or business and in return, they earn some reward for their loyalty.
Usually, this type of loyalty program is seen in multiple businesses including the grocery and many luxury brands offering some points or value in return. Even some of the big brands are also offering such benefits to the regular customers and this is how customer retention is achieved which I think is a good methodology for any business.
Now some companies are exploring cryptocurrency as a way to reward customers and this can be a game changer. Mastercard which is a very well-known global brand is also working on this and the company is trying to build a loyalty programme in which users will be rewarded in the form of cryptocurrency. I believe that this is going to be a big update and if more companies follow the same pattern then imagine how much value it is going to bring in Crypto space.
Payments giant Mastercard (MA) is working with Swoo Pay, an emerging markets-focused mobile payments app, to offer loyalty rewards in cryptocurrency and plug the gaps left by the likes of Google in the global payments landscape.
Mastercard is already in the crypto space and they have been building. Now they have partnered with another brand through which they are going to bring this product however as of now it is not sure and there is no event tentative rate available for the launch of this service. Although this concept is exciting and looks very good where crypto will be used to reward the users participating in the loyalty programme. Many other companies are also doing the same and in India, a brand called GoSatS is also doing the same. GOsats reward their users with a certain percentage of cashback in the form of Bitcoin for any purchase made on the partner brands.
I like this programme and I look forward to seeing how Mastercard is going to implement it even on a broader picture would like to see more brands coming up using cryptocurrency in such loyalty programs to increase the use case and bring more people on board.
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