Momentum aims to be the first cryptocurrency loyalty platform
As businesses are discovering the benefits of crypto rewards schemes, Momentum aims to lead the way.
Momentum is designed to use cryptocurrency tokens and blockchain technology to let businesses reward their most loyal customers and best supporters with more than just a pat on the back.
It's the creation of MobileBridge, a Swiss-based "leader in mobile engagement", and it aims to offer companies "a full suite for engagement with followers which provides data-driven insights while giving brand advocates full control of their data and rewards".
"Momentum will offer a one stop shop for all your rewards and loyalty cards for each of your favorite stores, brands, and even restaurant chains, while also offering users tangible value for each and every action they partake in which helps elevate the brand," the press release states. "Momentum allows brands to use the Momentum token or launch their own branded currency. The Momentum platform can then act as a point of exchange, whereby you can exchange one company’s token into a Momentum token, and back into a different branded token. For example, tokens accumulated while shopping at your local drugstore can be exchanged and used to enjoy a Burger King meal or upgrade to Business Class on your next flight. Unused tokens can be saved, traded or even gifted or donated."
One of the main differences between Momentum, and more traditional reward systems like frequent flyer points, is that the customers themselves get full control of the rewards points and can do whatever they want with them. It might be taking them to the open market, trading them with someone else for a more preferred brand or simply keeping them more securely.
This brings clear benefits to customers, and can also benefit brands that choose to use it. For example, the unique nature of blockchain technology means points can be more effectively and reliably awarded, with minimal concerns of systemic abuse, for actions like leaving reviews or evangelising the brand in tangible ways.
Many companies are already moving towards the idea of blockchain loyalty points. For example, Japanese ecommerce giant Rakuten has one of the world's largest and most-developed rewards schemes and is aiming to migrate it to a blockchain and cryptocurrency based system instead. Meanwhile, car company Daimler has released a points system of its own in the form of MobiCoin, which interfaces with vehicles and is used to reward safer and more eco-friendly drivers.
- "The current value of the loyalty rewards market nearly reaches over $500 billion annually, with North America alone accumulating a value of $100 billion worth of unused 'points'. This enormous variation indicates wasted potential that could be converted into happy, active customers. Now, actions as simple as leaving a review, actively promoting a product or service on social channels, and providing relevant consumer data, users will be rewarded in tokens on Momentum’s digital 'wallet'," says the Momentum press release.
Disclosure: At the time of writing the author holds ETH, IOTA, ICX, VEN, XLM, BTC, NANO
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