tl;dr
Stablecoin issuer Circle has signed a Memorandum of Understanding with HKT to explore blockchain-based loyalty solutions for Hong Kong's merchant landscape. The collaboration aims to leverage Circle's Web3 services and HKT's merchant network to enhance consumer interactions with merchants. Circle be...
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Circle and HKT sign MOU to develop blockchain-based loyalty solutions in Hong Kong
Circle's Web3 expertise combined with HKT's resources to create interactive loyalty solutions
Global loyalty market valued at $5.57 billion, with consumer expectations shifting over time
Blockchain can address inefficiencies in traditional loyalty programs
Stablecoin issuer Circle has signed a Memorandum of Understanding with HKT to explore blockchain-based loyalty solutions for Hong Kong's merchant landscape. The collaboration aims to leverage Circle's Web3 services and HKT's merchant network to enhance consumer interactions with merchants.
Circle believes that on-chain loyalty programs could address inefficiencies in traditional loyalty and rewards programs, as highlighted in a recent Deloitte report. The company's Smart Contract Platform, launched in March, is designed to integrate on-chain loyalty options within applications.
Stablecoin issuer Circle announced on Tuesday that it had signed a Memorandum of Understanding (MOU) with HKT, a major player in technology, media, and telecommunications. The main objective of this collaboration is to explore opportunities for creating blockchain-based loyalty solutions tailored to Hong Kong’s merchant landscape.
According to the blog post, Circle’s expertise in Web3 services, combined with HKT’s merchant network and customer engagement resources, will allow the two companies to develop Web3-powered loyalty solutions to improve consumer interactions with merchants, potentially creating more interactive engagement experiences.
Well-known companies like American Express and Marriott have seen notable engagement and revenue per customer, partly due to the strength of their loyalty offerings. These types of programs have also become popular with Gen Zs and millennials in Hong Kong. However, consumer expectations around them have shifted over time.
Circle cited a Statista report stating that the global loyalty market is valued at approximately $5.57 billion, with 70% of consumers indicating that loyalty programs play a significant role in their purchase decisions.
Recognizing the advantages of on-chain loyalty programs over traditional methods, the crypto firm launched its “Smart Contract Platform” in March this year to create integrated on-chain loyalty options within applications, making reward earning and redemption a smooth process for users.
A recent Deloitte report highlighted that traditional loyalty and rewards programs are failing to achieve their full potential due to several key challenges. These include account inactivity and low redemption rates, which hinder program effectiveness and customer engagement. The report also points to low client retention as a critical concern, suggesting that these programs struggle to maintain ongoing customer loyalty and engagement.
The company believes that blockchain could eliminate many inefficiencies.
TAGS: Circle
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