Snipp Partners with Blockchain Loyalty Provider for Security and Efficiency
Snipp Interactive Inc., a global provider of digital marketing promotions, rebates and loyalty solutions, has announced that it has signed a Memorandum of Understanding with Appsolutely Inc. to explore ways to incorporate its LoyalCoin loyalty solution into Snipp’s suite of products. LoyalCoin is the digital currency in a blockchain platform that allows consumers to use a single currency to redeem and exchange rewards from any participating brand.
By using a virtual currency, LoyalCoin is attempting to transform the current loyalty landscape into a cryptocurrency-based rewards system, creating an open loyalty ecosystem that gives consumers freedom in where they can redeem the rewards they have earned. LoyalCoin – LYL – is the token that serves as the official virtual currency of the new system.
Under this MOU, the companies are exploring a partnership to bring LoyalCoin to Snipp’s North American and EU clients. Within that collaboration, Snipp plans to provide LoyalCoin as a reward within the SnippReward store and incorporate LoyalCoin into future Snipp-run incentive programs. As the platform gains traction, Snipp intends to implement a layer of interoperability between the incentive programs within its system that use the LoyalCoin Blockchain and also utilise this infrastructure to potentially launch its own vertical industry focused coalition programs.
In addition, the company is considering replacing its current on-pack pin-based infrastructure with a blockchain-based solution. By moving to such a system, Snipp will enable ‘code on pack’ type programs with zero fraud, solving a significant concern for both manufacturers and retailers. Annual merchandise return fraud and abuse is estimated between $9.1 billion and $15.9 billion for the US retail industry according to the estimates of the National Retail Federation.
Atul Sabharwal, CEO of Snipp, explained: “Companies that provide any kind of monetary or value-based system of digital transfer are quickly realizing that Blockchain is an essential part of their future. To be able to partner with one of the leaders in loyalty Blockchain at this early stage gives Snipp the opportunity to be at the forefront of this disruptive technology. We are uniquely positioned to help our Fortune 500 clients benefit from the Blockchain to further achieve their marketing objectives and reduce fraud. Partnering with LoyalCoin will give our clients the benefit of having easy access to this new technology as part of their toolset, all from an existing and trusted provider in Snipp.”
Founder and CEO of Appsolutely, Patrick Paul Palacios said “We are attempting to create a unified customer loyalty ecosystem, but to achieve that, we need to team with partners who have an established footprint in the loyalty industry. We are very excited to begin working with Snipp to introduce LoyalCoin to brands for the first time. LoyalCoin gives consumers the ability to earn rewards from multiple brands, then choose where those rewards are spent. This represents an important new way to drive consumer loyalty. We look forward to our collaboration with Snipp as we enter this digital chapter in the evolution of the loyalty space.”