Mobile engagement firm MobileBridge has launched a blockchain-based platform, Momentum, which it claims is the world’s first crypto loyalty program for customers and brands. Momentum offers companies a full suite for better engagement with followers which provides data-driven insights while giving brand advocates full control of their data and rewards.
Momentum offers consumers a one-stop shop for all their rewards and loyalty cards for each of their favourite stores, brands, and restaurant chains, while also offering users tangible value for each and action they engage in which helps elevate the brand. Consumers can be rewarded for actions such as leaving a review, actively promoting a product or service on social channels, and providing relevant consumer data, with tokens on Momentum’s digital wallet.
Brands can use the Momentum token or launch their own branded currency. The Momentum platform can then act as a point of exchange, whereby the user can exchange one company’s token into a Momentum token, and then back into a different branded token. For example, tokens accumulated while shopping at the user’s local chemist could be exchanged and used to enjoy a Burger King meal or upgrade to Business Class on their next flight. Unused tokens can be saved, traded or gifted.
MobileBridge said that by implementing blockchain-based features and functions, such as token-based incentives and rewards, and consumer-controlled profile management, brands can make more effective marketing decisions and obtain better insights into how their marketing budgets have been spent.
The current value of the loyalty rewards market nearly reaches over $500bn annually, with N. America alone accumulating a value of $100bn worth of unused ‘points. This enormous variation, said MobileBridge indicates wasted potential that could be converted into happy, active customers.
Momentum will be holding three token sales: ‘Friends and Family’ until 26 March; Private Sale’ from 24 March – 23 April; and ‘Public Sale’ from 26 April 26 – 25 May.
“By introducing blockchain technology and cryptocurrencies, Momentum is able to focus on revenue, brand awareness and loyalty on a much larger scale, and provide consumers full control and visibility,” said Kees de Vos, CEO of MobileBridge Momentum, “For MobileBridge, blockchain technology solves two challenges, user identity and profile management, and the incentivizing of consumer loyalty.”