Monday, April 22, 2024

Local firm touts ‘first’ unified loyalty program in PH built on blockchain

By Espie Angelica A. de Leon

Appsolutely Inc., a Filipino omnichannel loyalty solutions company, is out to shake and revolutionize loyalty and rewards programs in the Philippines with the introduction of its unified loyalty system built on blockchain technology, dubbed LoyalPlatform.


Introduced to the media at the Edsa Shangri-la Hotel on Oct. 18, LoyalPlatform is a universal loyalty ecosystem which uses points that can be redeemed anytime and anywhere, thus giving consumers an alternative to the traditional system where reward points are used only for the same brand and where multiple loyalty programs are hard to keep track. It is said to be the first of its kind in the country.

?The success of any loyalty and rewards program depends on how easy earned rewards can be redeemed. While the loyalty industry continues to grow, participation and redemption rates remain low because of convoluted mechanics, lack of flexibility, and fragmented options for redemption,? said Appsolutely CEO Patrick Palacios.

Under LoyalPlatform, a person can use the points he earned from one establishment or merchant to get rewards or pay for goods from another establishment participating in the ecosystem, thus strengthening customer loyalty and driving more revenues.
This becomes possible with LoyalPlatform?s series of white label apps, Loyal Coin digital token or currency which replaces rewards points, Loyal Wallet, and Loyal Coalition.

Loyal Coin is earned upon making a purchase or order, such as cappuccino from a coffee shop. The store attendant will scan the QR code for the payment and the customer gets his order which had already been paid for by Loyal Coin. The balance is automatically updated and the customer earns loyal points for his purchase.

Loyal Coin gets stored in a secure blockchain-backed system called Loyal Wallet. It is the primary hub of Loyal Coin token activities ? whether to make online purchases, send money, make payments even using bitcoin and ethereum, convert currencies, and others.

Loyal Wallet and a total of 10B Loyal Coin will be ready by November 2017.

?We?re launching Loyal Coin not just in the Philippines,? said Palacios. ?We?re launching in North America, Europe, Russia, South Korea, Japan, and Thailand.?

Meanwhile, Loyal Coalition refers to the coalition of enterprises which support the issuance of Loyal Coin as customer rewards.

?Our platform gives more flexibility to not only the merchants but also the consumers,? said Palacios. ?So not only can you use your points anywhere, but you can also have the option of converting it into bitcoin or ethereum which other loyalty programs cannot offer.?

Palacios pointed out that this new loyalty system is open to all merchants.

?That?s why we?re using blockchain so that the merchants will have the option of converting rewards into Loyal Coin tokens,? he explained. ?We?ll encourage them to accept it since it?s going to be beneficial, not only to their customers but also to them, because we can bring them a lot of customers who believe in this platform.?


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