Rewards points and loyalty programs are everywhere to attract continuous business. They help retain customers and reduce the cost of customer acquisition. Reward points are effective in offering personalized experiences, and in incentivizing continuous spends by making it easy for customers to redeem these points. Some of the challenges faced in offering rewards points include a lack of fungibility and cumbersome process, which consequently take the fun out of the scheme, making customers turn towards other brands with better rewards.
Blockchain technology is helping organizations address these challenges effectively. It connects the issuers, acquirers and payment processors via nodes, where each participant can maintain information pertaining to customers and reward point balances. The acquirer or the processor can facilitate the use of reward points over a vast chain of issuers, thereby allowing for the seamless accrual and redemption of reward points. It allows for the real-time settlement of points and status reports, making rewards points accessible to ‘n’ number of users across the globe.
Quartz brings to you Smart Solutions for Travel, Tour and Hospitality:
- Managing Reward Points on Blockchain - The Reward Points solution helps create a powerful ecosystem in which issuers of reward points (banks, merchants etc), and the acquirer/payment processor can operate as nodes on the Blockchain. Each participating issuer can maintain information pertaining to their customers/members and their point balances on the blockchain. The acquirer/payment processor can facilitate the use of reward points across a vast chain of issuers thus providing flexibility to the customer in using the points. A combination of reward points/funds can therefore be accrued and redeemed seamlessly on blockchain.
We, at Quartz, are continuously innovating and look to bring to you solutions for Wallets, Health Pass and many more. Watch this space for more updates. For a demo on Quartz, please reach out to us at firstname.lastname@example.org.