Cryptocurrency mainstream adoption has hit another milestone with the global launch of Australian-based blockchain company, EZToken’s cryptocurrency loyalty program (EZToken Rewards) in Australia. Currently the world’s largest loyalty program on the blockchain, EZToken rewards users with cryptocurrency rather than the traditional loyalty points.
For decades, loyalty points have been the only way retailers can appreciate their customers’ loyalty. Unfortunately, these points have no value outside the issuing retail store and no liquidity outside it own ecosystem. The immutable and decentralized nature of cryptocurrency makes it a fitting vehicle for exchanging and rewarding values from anywhere in the world to anyone.
Leveraging this technology, EZToken is ushering a whole new ecosystem for engaging and rewarding customers.
Giving Real World Value to Loyalty Reward
While the value of loyalty points is always constant and static, the value of EZToken is always changing and appreciating due to trading actions on crypto exchanges. As the trading volume increases, so does the market value, rewarding token holders with more value for the same actions. Being a cryptocurrency, these tokens will never expire and can easily be transferred between users, exchanged for other cryptocurrencies or fiat, and utilised for services at participating retail outlets.
EZToken Rewards Founder, Hao Nguyen, had this to say:
“I strongly believe cryptocurrencies will replace points and miles as the dominant loyalty currency around the world. Consumers want a loyalty program which provides them with value, flexibility on how they use that value and an assurance the value won’t be taken away from them via expiry. Cryptocurrencies are superior to loyalty points as they deliver to all three.”
Loyalty & Reward Co was the first company to commission a blockchain-based loyalty research project in 2017. The research, conducted at the University of NSW, concluded and proved that customers who were rewarded with cryptocurrency rather than loyalty points were more positively disposed to being further engaged. Based on the findings, the company was tapped by EZToken to provide consultancy services for its worldwide launch.
Philip Shelper, Loyalty & Reward Co CEO stated the benefits of the program, saying:
“Loyalty & Reward Co is proud to be providing consulting support to EZToken Rewards for their worldwide launch. We absolutely see the benefits of replacing loyalty points with cryptocurrencies and we’re confident consumers will too. It’s time for the loyalty industry to be disrupted, and EZToken Rewards are leading the way with over 80 retailers already participating in the program using the innovative EZScan© point of sale device which rewards members instantly.”
Having assisted in providing additional consultancy for the project, the CEO of The Point of Loyalty, Adam Poser, was able to provide insight from the company’s annual Australian loyalty research study;
“Our latest ‘for love or money 2018′ research reveals that Australian loyalty program members have an appetite for cryptocurrency as a reward with 36% of members expressing an interest in being rewarded with cryptocurrency instead of points”.
Surpassing Business Solutions
EZToken recently announced a strategic partnership with Surpass Business Solutions, enabling the company to access up to 3,000 new retailers in Australia. EZToken will help accelerate the growth of their goods and services through an innovative merchant network. Retailers will be able to positively engage consumers with EZToken, enabling them to shop at participating retailers, rewarding them for their purchases, and resulting in more revenue for the retailers.
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Image Courtesy: EZ Token
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