Original text here from Patrice Bernard (LinkedIn)
With the fading of short-term grand hopes for the metaverse, the promises of web3 have also receded, waiting for better days. Nonetheless, Visa is seizing the opportunity of this decline to claim the concept, or at least its name, in launching a new consumer loyalty platform.
Web3, as commonly understood, is a somewhat theoretical concept with blurry boundaries, encompassing principles of decentralization, blockchain technologies, and a token-based economy, all often orchestrated in immersive environments where these inherently digital components find their true meaning. Naturally, such a pedigree currently limits it to a minority of enthusiasts.
And, just as evidently, this is not what interests Visa. Under the guise of a term that no longer excites many, the payment giant talks about tools designed to boost the engagement of cardholders in 2024, taking into account their online behaviors and corresponding expectations, alongside their physical world journeys. This seems far removed from a third-generation web.
Subscribe to our newsletter:
In practical terms, Visa is discussing loyalty programs that can be integrated with a few taps through a virtual wallet and controlled via a mobile app, offering rewards that include, besides the usual point systems, real or virtual gifts, such as digital tokens, which can be converted or collected. The company also mentions possibilities for hybrid events, like augmented reality treasure hunts.
The approach is quite sensible. Recognizing a disconnect between traditional cashback models (and their variants) and the evolving habits of their users, it seems relevant to supplement them, both in terms of acquiring benefits, by focusing on actions and events beyond mere purchases (like the inevitable social media sharing, participating in a survey or a game, etc.), and in terms of rewards, through dematerialized or virtual prizes.
Sure, presented this way, the novelty loses much of its originality. So, a brilliant marketing mind (or perhaps a team) decided to name the system "Visa Web3 Loyalty Engagement Solution" to give it a futuristic aura. A few more such operations, and web3, already struggling, will end its brief career in ridicule and general oblivion.
