Visa Introduces Web3 Loyalty Solution With SmartMedia Integration
By: Jared Kirui
Visa, the global payments platform, has announced the launch of a new digital loyalty solution called Visa Web3 Loyalty Engagement. Powered by SmartMedia Technologies, this solution integrates Web 2 and Web 3 technologies.
Kathleen Pierce-Gilmore, SVP and Global Head of Issuing Solutions at Visa, mentioned: “Consumers want to engage with brands that have evolved in new ways, but traditional loyalty programs are still the same. Imagine getting a digital collectible that’s unique whether you buy it or not, tickets to sporting events, or participation in a treasure hunt using augmented reality hunting.”
Visa’s Personalized Rewards Platform
Brands can curate content on this new platform and offer rewards and personalized experiences seamlessly. The digital wallet allows users to redeem rewards in various areas including travel, sports, and more.
Visa’s mission is to connect people and ensure access to payments for all, playing a crucial role in shaping future money movements.
Visa has recently solidified its position as a digital player through strategic partnerships for payments and identity management, committing to ensuring progress through alliances.
Improving Global Transfers
Tech5 has extensive expertise in biometrics, and Visa announced its plans to provide global transaction security through digital identity scaling.
Visa and Intermex simultaneously partnered to improve global money transfers, with Visa Direct integrated into both systems to speed up cross-border cash flows.
Paysafe and Visa worked together to develop a new product last year, aiming to combat fraud and improve the Visa network. Visa Network Tokens are used to improve authorization rates and strengthen the digital payments ecosystem.
These tokens, issued and managed by Visa, can be used to make recurring payments and are characterized by their unique design and ability to update card numbers in real time, providing uninterrupted service for recurring payment subscriptions. Paysafe stores data to reduce the risk of data breaches and fraudulent activities.
