Safeway joins hundreds of other stores in adding Bitcoin rewards via Lolli
Perhaps some volatility makes rewards programs that much more exciting and attractive?
Know what people want? Money.
This is the idea behind Lolli, a Bitcoin rewards program. For the end user, it's all remarkably simple. They install the Lolli browser extension, then just shop online and get up to 30% cashback, in the form of Bitcoin, at the checkout.
For the merchants themselves, the value proposition may be a bit greyer. Similar to other reward programs, they spend money to essentially pay people to become customers. But judging by the immense roster of partners Lolli has amassed, which now includes Safeway (you can now get 3.5% cashback in Bitcoin for all online purchases at Safeway.com), it works.
Some of Lolli's 500+ partner stores
Part of the key may be that Bitcoin has incredible brand awareness, and in many cases the public impression of Bitcoin is caught up in the distant potential of massive wealth.
Somewhere in the back of people's minds is the idea that when customers use Lolli, they're not just getting a bit of cash back. They're getting a distant shot at a chance of incredible wealth. It's like the offspring of cash and lottery tickets, making it just as sticky as one would imagine.
Cashback programs often deal with small amounts of money. But thanks to its volatility, Bitcoin is potentially a large amount of money.
One for the customer, one for the merchant, one for Lolli and one for Bitcoin
If it's a win-win-win deal that ropes in customers, stores and Lolli, then the fourth winner may be Bitcoin itself. One thing Bitcoin has always lacked is active users, so delivering even a little bit to potentially millions of people around the world is a significant step forward.
Money for nothing is always catchy.
"I’m extremely proud to partner with Safeway, one of the most well-recognized food retailers in the United States. Americans are already shopping for groceries at least once a week, why not earn some bitcoin off those frequent purchases? I’m excited to now offer Safeway, a top food retailer, as another option for our users and hopefully allow people who are already buying their groceries online, the option to get involved in holding and owning bitcoin — perhaps for the first time," said Lolli CEO and co-founder Alex Adelman.
Disclosure: The author holds BNB, BTC at the time of writing.
- SEC crackdown on Binance, Kraken – What it means for Aussie investors
- Sam Bankman-Fried found guilty – what it means for Australian FTX victims
- Bitcoin’s price soars over 10% on ETF rumours – here’s why
- New regulations for Aussie crypto exchanges: What it means for investors
- Sam Bankman-Fried’s FTX trial starts tomorrow – what it means for FTX customers