Visa wants to disrupt credit card rewards. And they plan to do it through crypto.
What’s happening:
- Visa (NYSE: V) has announced a new partnership with SmartMedia Technologies to offer crypto native digital rewards to their users
- The new partnership aims to usher in a new paradigm for rewards by offering digital collectibles and augmented reality experiences
The big idea:
- Visa wants to enable brands to build their own customized crypto wallets, offer token gated rewards and monetize their intellectual property through digital collectibles
- By embracing digital assets, Visa is hoping to disrupt the experience users have with rewards and leverage the possibilities of crypto to expand far beyond what has traditionally been possible
Going deeper:
- Visa has been actively making moves towards crypto adoption, including building a payment settlement solution for stablecoins and a partnership with Solana
- SmartMedia Technologies has existing partnerships with other major brands to build out digital asset loyalty and rewards technology, including American Express, Burberry and the X Games
