Visa and ShopNEXT partner to launch Web3 Loyalty Platform

By Edlyn Cardoza

ShopNEXT has partnered with Visa to launch the first-ever Web3 Loyalty Platform. Any user with a Visa card can not only shop conveniently but also can earn token rewards. This ingenious loyalty platform is expected to help millions of merchants grow businesses and contribute to rapidly stimulating the global economy and bringing Web3 to the masses.

Linh Le, ShopNEXT’s CEO, said, “We want to leverage the beauty of Web3 to create an appealing Loyalty platform. In the situation that the global economy is struggling to grow due to COVID-19, 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. This collaboration with Visa will help us accelerate the process of acquiring merchants and users efficiently.”

ShopNEXT utilises the card-linked feature of the Visa Offers Platform that allows users to link a Visa card to their mobile app. Through VisaNet, ShopNEXT will be able to track all successful card payment transactions and reward users with the token on top of them instantly. ShopNEXT token is a loyalty point, but the difference is that it is developed on blockchain. Moreover, ShopNEXT also introduces in-app gameplay and NFT cards, which give users options to boost their earning rewards. Shopping, gamification, and NFT will create an innovative Shop-To-Earn model.

Unlike other models like Play-To-Earn or Move-To-Earn, Shop-To-Earn is much more sustainable because it contributes real value to the economy by building a win-win collaboration with all parties involved. Users are encouraged to shop more to earn more token rewards, which helps merchants grow their businesses.

To strengthen the model’s uniqueness, ShopNEXT defined a new term called External Profit Reserve (EPR). 100% of the profit from merchants’ and card issuers’ sales commission will be sent to the EPR to back all the tokens issued on the market. This is to ensure every token has an intrinsic value that users generate through shopping.

Dung Dang, Visa’s Country Manager of Vietnam and Laos, said: “Visa is excited about this new collaboration with ShopNEXT that is pushing out the horizon of digital shopping. 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. Our partnership will help consumers shop without worries while enjoying the speed and security of Visa payments and earn exciting novelties like NFTs.”

As a veteran in the affiliate-based business area for many years, ShopNEXT understands the pain point of reconciliation time and believes this new card-linked feature will solve this problem completely by offering instant rewards. NFT gamification has already proven its success in user acquisition, both traditional and digital. Combining daily spending activities with NFT gameplay is expected to create a new trend in the Web3 space.

Web3 has already been beginning to transform how companies think about consumer loyalty, and this wave of innovation will only continue to accelerate. ShopNEXT will lead the trend by creating the most appealing Shop-To-Earn model, which can bring many benefits to users and merchants.