Visa, ShopNEXT Team on Web3 Loyalty Platform for Cardholders

Web3 loyalty platform ShopNEXT has partnered with Visa to create a Shop-to-Earn model that includes token rewards developed on blockchain, gamification and non-fungible tokens (NFTs).

In this model, any user with a Visa card can earn token rewards by shopping and can boost their rewards through in-app gameplay and NFT cards, ShopNEXT said Friday (Oct. 7) in a press release.

ShopNEXT CEO Linh Le said in the release that “our mission is to help merchants grow their businesses by motivating everyone to shop and earn token rewards, which contributes to rapidly stimulating the world economy. From there, we also provide the easiest and safest gateway for everyone to start their Web3 journey with the Shop-to-Earn model.”

The Visa Offers Platform’s card-linked feature allows users to connect their Visa card to the ShopNEXT app. Then, the VisaNet electronic payments network enables the app to track their card payment transactions and instantly reward them with tokens, according to the release.

“More consumers now shop online than ever before, and they are showing great appetite for new digital experiences like token reward based on blockchain technology and NFTs,” Visa Country Manager of Vietnam and Laos Dung Dang said in the release. “Our partnership will help consumers shop without worries while enjoying the speed and security of Visa payments and earn exciting novelties like NFTs.”

PYMNTS research has found that among nine factors that increase the likelihood of consumers choosing to use credit cards, rewards programs are ranked second in importance, behind only the ease and convenience of using the cards.

Read more: How Consumer Experience Features Drive Credit Card Usage

About 57% of the consumers surveyed said rewards programs are an important factor influencing their credit card choice, and 25% said these programs are the most important factor, according to “The Convenience Catalyst,” a PYMNTS and Elan (a division of U.S. Bank) collaboration.

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