IBM, China UnionPay Develop Blockchain Loyalty Points Exchange
International Business Machines is working with a Chinese credit card company to to create a blockchain-based system for trading loyalty points. In a proof-of-concept revealed today, IBM and China UnionPay have developed a platform that allows customers to trade points earned through purchases and other incentivized behavior with one another. It's a concept that can be applied to the exchange of frequent flyer miles, mobile phone bills or gas cards. He Shuo, director of China UnionPay’s Electronic Payment Research Institute, described the demo in a statement as a “breakthrough” in the....
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Uphold Inc., a platform that provides various financial services and encourages fintech innovation, now allows customers in Greater China and Hong Kong to use their China UnionPay card to load funds to their Uphold wallet. Uphold is partnering with China UnionPay, the largest bank card association in China. Uphold offers China UnionPay customers a safe, secure, and transparent suite of financial services. In announcing the China UnionPay partnership, Anthony Watson, Uphold president and CEO, said Uphold becomes the first U.S.-based financial services company to provide services in Greater....
Everyday consumers are reaping the benefits of brand loyalty points, as they can be used for future discounts or even free items, depending on how many points have been saved. For the brand itself, this is a great way to tie customers to their stores, and make them revisit the store every so often. But are we really using these loyalty points to their full effect? A recent UK study shows most loyalty points rewards are left unclaimed. The concept of loyalty points is quite beneficial to both the store and the consumer alike. Stores can use these points – which are in a digital format, mind....
Blockchain loyalty platform Chain of Points has appointed iPayYou CEO and ex-Amazon executive Gene Kavner to its board of advisors. In a press release issued Tuesday, Kavner, whose startup facilitates Bitcoin payments with merchants including Starbucks, said he was “honored” to join Chain of Points. “Chain of Points is the clear leader in the Blockchain-loyalty market and has realized tremendous growth over the past few months,” he commented. “I look forward to working with the company's management team to drive Chain of Points in the market as an essential component of the retail and....
More than just rewarding customers in cryptocurrency, the underlying bitcoin technology holds a lot of promise in changing the loyalty rewards industry. In the latest version of the BitLicense framework in New York, these reward points based on the cyrptocurrency's blockchain were exempted from regulation. These comprise frequently flyer miles, hotel loyalty points, return-customer retailer programs and so forth that were developed using bitcoin blockchain. Ribbit.me, a company whose RibbitRewards are tradeable, blockchain-based loyalty tokens, gives reward points that are generated by an....
The new card will support crypto payments using Paycoin at over 30 million UnionPay merchants. Major financial services corporation China UnionPay, an analog to card providers like Visa and Mastercard, has partnered with the South Korean payment provider Danal to launch a cryptocurrency-supporting digital card.Danal’s crypto wallet Paycoin and its crypto token of the same name will be the interface for the new, prepaid mobile card. Paycoin has indicated that users will be able to use both the card and Paycoin to pay for goods and services at over 30 million UnionPay merchants across 179....