Mastercard partners with Swoo Wallet to offer virtual currency rewards program

US Mastercard issues first NFT

Partner with Swoo to grant reward tokens

Payment giant Mastercard has announced that it has partnered with Dutch mobile wallet company Swoo to offer a rewards program for crypto assets (virtual currency). THE PAYPERS and others reported on the 20th.

It will be a loyalty program for banks, merchants, and payment service providers.

Swoo will award Swoo loyalty tokens for contactless Mastercard payments made via the app.

Users can exchange these tokens for popular cryptocurrencies such as Bitcoin (BTC) and stablecoin USDT within the Swoo app, or convert them to fiat through partner services.

According to Mastercard, the move comes as major financial institutions and retailers are increasingly interested in incorporating cryptocurrencies.

It is an overhaul of loyalty programs that have faced problems with customer retention and high implementation costs, and provides users with an introductory feature to cryptocurrencies that does not require a large investment. .

Mastercard plans to collaborate with virtual currency wallet, exploring new ways to use cards = report

What is a stablecoin?

Refers to a virtual currency whose price is always stable. Stablecoins are a type of crypto asset that, unlike volatile assets such as BTC, ETH, and XRP, are backed by currencies such as the US dollar and aim to maintain their value. In addition to stable coins backed by the US dollar (USDT/USDC), there are also stable coins that use algorithms.

▶Virtual currency glossary


Avoid competition with Google Pay

Swoo co-founder Philip Shubin said the rewards program will target “emerging regions such as Africa and Southeast Asia, especially regions where Google Pay is not used.”

The company is also considering expanding into countries where Huawei smartphones have a large market share, as Google services are not available on Huawei smartphones due to U.S. government sanctions.

Mastercard and Swoo have already implemented a pilot cashback program, and the campaign has been a success, leading to a full-fledged launch.

During the three-week campaign, users received 5% token cashback on Mastercard purchases made through Swoo Pay.

Over 17,000 participants made over 128,000 trades in the trial. The results are said to have shown that the amount spent on the card has increased and that the benefits of using virtual currency have become more attractive to users.

Mastercard has been active in the Web3 business, and last year participated in the Central Bank Digital Currency (CBDC) pilot project conducted by the Reserve Bank of Australia and others, testing the purchase of NFTs using tokenized CBDC.

Mastercard tests NFT purchases with tokenized CBDC

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