Visa has unveiled a Web3 engagement solution aimed at rewarding customers for their active interaction with brands. Developed in partnership with SmartMedia Technologies, this value-added service enhances customer engagement through gamified giveaways, loyalty points, and AR treasure hunts.

The initiative targets customers seeking rewards in innovative ways, recognizing a gap in traditional reward mechanisms that have remained stagnant for years. By bridging the principles of Web2 with the innovations of Web3, Visa aims to address this gap.

Kathleen Pierce-Gilmore, Visa's Senior VP and Global Head of Issuing Solutions, emphasized that the Web3 Engagement Solution empowers brands to reward customers not only for transactions but also for active engagement, enabling secure and seamless digital and real-world experiences.

Studies indicate that a significant portion of consumers values curated real-world experiences, highlighting the importance of personalized rewards. SmartMedia Technologies aims to deliver such curated experiences globally while ensuring user-friendliness. Implementation may vary by region, with most regions introducing digital wallets to enable customers to use their rewards for both virtual and real-world experiences.

Tyler Moebius, CEO of SmartMedia Technologies, emphasized that the collaboration with Visa aims to redefine the value exchange between consumers and brands in an era where mobile payments are increasingly prevalent. The partnership is committed to delivering rewarding experiences to consumers who actively engage with brands.

When implemented, Visa's engagement solution promises to be as convenient as earning collectibles for purchasing sports event tickets. This development comes at a crucial time, offering a ray of hope amid challenges such as potential SEC rejection of Bitcoin ETF applications, which recently led to a cryptocurrency market crash.

Bridging the gap between Web2 and Web3 is essential for maintaining community trust in the industry's future. Visa and SmartMedia Technologies' collaboration sets a precedent for other players in the payment market to explore rewarding customers for active engagement.