MANILA - Filipino technology firm Appsolutely on Wednesday launched a digital token that promises to make redeeming customer loyalty rewards easier.
LoyalCoin, will replace the traditional rewards points. LoyalCoins earned from one merchant can be used to earn rewards or pay for products from another company as long as they are inside the LoyalPlatform, Appsolutely said in a statement.
"The success or any loyalty and rewards program depends on how easy earned rewards can be redeemed," said Appsolutely CEO Patrick Palacios.
"While the loyalty industry continues to grow, participation and redemption rates remain low because of convoluted mechanics, lack of flexibility and fragmented options for redemption," he said.
The LoyalCoins are stored in a digital wallet that can also handle Philippine pesos and digital currencies like bitcoin and ether, said Appsolutely blockchain developer Anthony Vipond.
The system is built on the blockchain system, the same one used by cryptocurrencies, including bitcoin, which recently surged by as much as 400 percent from last year following signs China was rethinking its crackdown on virtual money.
In February, the Bangko Sentral ng Pilipinas issued first ever guidelines on cryptocurrency after daily transactions grew to $6 million, double the amount from the last 2 to 3 years.
Appsolutely currently provides technology for loyalty programs of several companies, including Petron, Family Mart and Gong Cha.