LoyalCoin is Utilizing Crypto to Create the Largest Loyalty Network
LoyalCoin, based in the Philippines, is using cryptocurrencies to design and launch the largest loyalty network on earth where countless different brands can fall under the same point system to reward customers.
Customers that have been rewarded loyalty points from thousands of brands are able to take these points and convert them into products and services including flight tickets, dining and anything else they can get their hands on.
Next month, customers will also be able to exchange their reward points for fiat currencies, a never-before achievement. Appsolutely, a company in the Philippines created LoyalCoin to achieve these feats and has quickly become one of the largest involved members in the loyalty and rewards dating back at least 5 years. Utilizing blockchain-tech, the company is creating the world’s largest reward system designed to enable reward point trading for countless products and services.
Paolo Bediones, the COO of LoyalCoin stated that introducing cryptocurrencies into the reward point sector was imminent. He explained that the main purpose is to enable customers to bring all the earned points from different brands under one system which provides a whole new level of simplicity in managing reward points and trading them for products and services of their own choosing as opposed to limited options regularly presented.
LoyalCoin has collaborated with the NEM Foundation, a P2P platform and has gathered 200K members and 9 billion coins have been released. As of now, LoyalCoin is at the 286th ranking from a total of 1656 as per CoinMarketCap. The currency is also listed on the NEM platform and Cryptopia.
Operational now in the Philippines, LoyalCoin is determined on extending its services into the US, SK, and Japan by the end of 2018 and an introduction for Europe is planned for next year. Earlier this year, LoyalCoin shook hands with Cebu Pacific to adopt their reward system called GetGo. 7-Eleven has also hopped on board as well as Grab.
The company’s COO stated that brands and businesses are continuously losing their favored clientele due to the difficulties of managing reward points and the limited options that come with them. Through LoyalCoin, these rewards will be enabled full access all over the world. He adds that both parties will be in a win-win situation as businesses will attract more customers and reward points will see more practical use. CEZA has permitted the use of digital platforms within the country, although the central bank, BSP, is developing guidelines and regulations planned to be enforced by the end of 2018.
He goes on to stress the importance of proper regulation as it is essential to regulate cryptocurrencies and contribute to its worldwide development although fair and just regulations should be developed to promote the expansion and development of LoyalCoin and others.
Patrick Palacios, the CEO said LoyalCoin operates as a type of crypto-rewards wallet to be used with any listed businesses as a means of providing customers with full management of their points and the ability to put them to use no matter where they are.
Coins are stored on the company’s digital wallet and are kept safe by the system with access through LoyalCoin’s application. LoyalCoin combines all reward points into one, meaning that points received from a seller can be used with any of the others listed, breaking the traditional system by expanding even further.
LoyalCoin can also be exchanged, traded and transferred between individual and can even be used to buy products and services from partnered businesses offering them. As a sort of eco-friendly initiative and means of acquiring LoyalCoins, 50cycles, an electric bike company in Britain has signed on with LoyalCoin and introduced the new “Toba” bike which allows more acquisition of coins the more you pedal.