Yesterday American Express announced a blockchain rewards pilot with the online retailer Boxed. Most credit card rewards programs target particular merchants. By leveraging blockchain, rewards can target specific products. While not mentioned in the announcement, it’s easy to see the potential benefits of speedy, broad-reach programs for product companies like Nestle and Unilever.
The initial pilot focuses on a small number of products with Boxed. However, the card company expects to expand this to more products and many retailers quickly. Enabling faster onboarding of new merchants into their rewards program is another benefit that Amex anticipates.
In addition to targeting specific products, the platform enables targeting promotions on a time basis, whether that’s by the time of day or day of the week. Moreover, even targeting specific customers.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
