The global payments platform Visa has announced a new digital loyalty solution dubbed Visa Web3 Loyalty Engagement. Powered by SmartMedia Technologies, this solution integrates Web 2 with Web 3 technology.

Kathleen Pierce-Gilmore, the SVP and Global Head of Issuing Solutions at Visa mentioned: "Consumers are looking to engage with brands in new ways, and traditional loyalty programs have not evolved over the past decade. Imagine earning a unique digital collectible, whether purchasing tickets for a sports event or participating in an augmented reality treasure hunt."

Visa's Personalized Rewards Platform

This new platform enables brands to curate personalized experiences and seamlessly offer rewards, the company said in the official press release. Its digital wallet feature allows consumers to apply for rewards in various sectors, from travel to sports.

Visa mentioned that its mission to connect the world through innovative and secure payments remains unwavering. The payments giant believes that inclusivity in different economies uplifts everyone, with access being pivotal in shaping the future of the movement of money.

Recently, Visa solidified its position in digital payments and identity management through strategic partnerships. These alliances signify Visa's commitment to advancing secure transactions and the movement of money globally, Finance Magnates reported.

Enhancing Global Transfers

By leveraging Tech5's expertise in biometrics and digital identity, Visa unveiled its plans to secure transactions on a global scale. The integration of biometric technology positioned the payments giant in the digital identity management space.

Simultaneously, Visa partnered with Intermex to enhance global money transfers. Through the integration of Visa Direct, both entities aim to expedite the movement of money across borders.

Last year, Paysafe collaborated with Visa to strengthen payment security. This partnership aims to combat fraud and enhance a safer digital payments environment by integrating Visa network tokens into Paysafe's single payments API. The incorporation of Visa network tokens is expected to enhance authorization rates and strengthen the digital payment ecosystem.

One standout element of these tokens is their real-time card number update capability. This feature ensures uninterrupted services for recurring payment subscriptions. Issued by Visa, the tokens are managed and stored by Paysafe, mitigating the risks associated with data breaches or fraudulent activities.