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.
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
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.
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.
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.