Loyalty & Reward Co spoke with Appsolutely CEO Patrick E. Palacios recently about the progress of the LoyalCoin program.
Appsolutely are an established loyalty company with a platform which integrates into point of sale systems and offers white label app-based solutions. They have an impressive portfolio of clients, including Petron, Starbucks, Havaianas, Bench, American Eagle Outfitters, TGI Fridays, Aldo and Cotton On, which gives them a firm foundation to push for retailer participation in the new program.
In early 2018, Appsolutely raised around US$16 million via the LoyalCoin ICO. They’ve used some of this money to build their LoyalWallet which allows members to earn LoyalCoin and redeem rewards anytime, anywhere. Since the recent launch, an impressive 30,000 members have downloaded the wallet. The registration process includes a simple KYC (Know Your Customer) process, with the member rewarded with a LoyalCoin airdrop for successful completion. Members can earn further LoyalCoin for referring family and friends to join.
As with any coalition loyalty program, the key to success is in the merchant partnerships, and it’s here that LoyalCoin is really showing their true strength.
‘We’ve recently launched a major partnership with 7-11 in The Philippines,’ Palacios told us. ,’They were attracted by the social media buzz around LoyalCoin, as well as the obsession by Filipino millennials with cryptocurrencies.’
Another exciting partnership is with Grab Philippines, the country’s version of Uber, to allow riders to pay for rides using LYL tokens. In addition to allowing users to pay for their trips with LYL tokens, the partnership would also enable LoyalWallet users to use the tokens as discounts for their Grab rides, which ranges from P50 ($1 USD) to P100 ($2 USD).
In Q4 2018, Appsolutely will be announcing further major partnerships, including a large burger chain who will be providing new members with free burgers, and a large coffee chain in South Korea comprised of over 100 stores.
Apposulutely have also partnered with a number of payment providers who make it easy for members to redeem LoyalCoin across a wide range of retailers.
‘We’re targeting one million LoyalCoin members by 2019,’ Palacios informed us.
If successful, they will certainly be one of shining stars of the blockchain loyalty industry.
Philip Shelper is a loyalty management consultant based in Sydney, Australia who obsesses about everything to do with loyalty and rewards. His company Loyalty & Reward Co are a leading loyalty consulting firm.
Phil is the author of Blockchain Loyalty: Disrupting loyalty and reinventing marketing using cryptocurrencies. Buy the book.
www.blockchainloyalty.io is a global resource centre for everything blockchain loyalty.