Watch the video to see how Quartz Reward Points works
With Quartz Reward Points Solution, reward points can be created, accrued, redeemed, and transferred seamlessly in the blockchain ecosystem.
3 MINS WATCH
Industry
- Banking
Banking on purpose-led ecosystems
Solution
- Quartz™ - The Smart Ledgers™
Quartz™: Helping Organizations Collaborate in the Connected World
Highlights
- Quartz Reward Points, a blockchain-based reward points management solution, provides more security, speed, transparency, and efficiency over traditional loyalty programs.
- The solution helps create a powerful ecosystem in which issuers of reward points and the acquirer/payment processor can operate as nodes on the blockchain.
- Customers’ loyalty points cannot be stolen or hacked as they are stored on a blockchain while all the data can be accessed by anyone, anywhere, at any time. Faster and efficient redemptions enable greater customer value.
Abstract
Loyalty reward programs are great options to increase customer retention and market capitalization across industries - retail, banking, consumer goods, travel, hospitality, telecom, or e-commerce.
However, the current reward points management processes come with a number of inefficiencies including limited redemption options, lack of real-time transactions and settlements. Blockchain as a digitally distributed, decentralized, and single public ledger brings speed, flexibility, security, and transparency. Hence the blockchain-enabled reward points management becomes a highly competent and cost-effective solution for organizations.
Quartz™ DevKit helps enterprises build blockchain apps 40% faster
Challenge
The traditional loyalty programs come with challenges for both companies and customers including a basic lack of fungibility of reward points.
A customer cannot use them for purchases at an online store or a grocery supermarket and is, instead, forced to redeem the points with the institution which may not always be possible or meaningful for the customer. Organizations struggle with creating personalized reward experiences, tracking reward points, poor conversions, reconciliation issues due to delayed settlements, and an inability to measure the success of the rewards program.
Solution
The Quartz Reward Points solution on blockchain helps create a powerful ecosystem in which issuers of reward points (banks, merchants etc), and the acquirer/payment processor operate as nodes on the blockchain.
Each participant can maintain and access information in real-time pertaining to their customers/members, transactions, and point balances. A combination of reward points/funds can be accrued, redeemed, and transferred seamlessly in the blockchain ecosystem.
Benefits
Using reward points across a vast network of issuers/merchants without any restrictions gives customers more flexibility.
Vastly superior customer experience because of fungibility, simpler operational processes, instant settlements, and real-time view of transactions and the balance.
Eliminates reconciliation overheads for all entities in the ecosystem.
Audit trail gives a complete history of transactions.
Better utilization of reward point balances, leading to healthier balance sheets for issuers.
For small operators, an interlinked network provides unprecedented scale.
We were impressed by the start-up friendly aspect of Quartz and the solution’s technical capability to help us launch to aggressive timeframes and support our vision of geographical expansion. The objective is to support numerous merchant venues and redefine how they deliver services, and in the process increase customer loyalty. The solution from Quartz provides a hybrid network that allows our customers to pre-order goods and services from merchants utilizing the rewards on the private blockchain network and manage the Zap tokens on the public network simultaneously.
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