Blockchain company EZToken has announced its loyalty reward program (EZToken Rewards) in Australia. To date, it is the worlds largest cryptocurrency reward program, based on the network size of EZToken. Participants in the token reward system are awarded the EZToken cryptocurrency as opposed to loyalty points. Unlike loyalty points, the value of the cryptocurrency token changes as the token is constantly traded on exchanges. The EZToken is an ERC20 token with a total of 50 million in circulation.
Cryptocurrency to Replace All Reward Points?
The EZToken is intended to replace all reward points on the basis that the cryptocurrency never expires and is easier to use compared to disparate loyalty programs with various companies. EZToken will also help facilitate cryptocurrency adoption as retailers offer cryptocurrency rewards to customers in the form of EZTokens. Cryptocurrencies have numerous attributes which makes them more suitable than loyalty points. Hoa Nguyen, Founder of EZToken Rewards, stated:
“I strongly believe cryptocurrencies will replace points and miles as the dominant loyalty currency around the world. Consumers want a loyalty program which provides them with value, flexibility on how they use that value and an assurance the value won’t be taken away from them via expiry. Cryptocurrencies are superior to loyalty points as they deliver to all three.”
The EZ Token Rewards program already has a significant backing and market penetration. They are backed by Ezpos Holdings who currently have 12,000 retailers in 19 countries using their EZPos Point of Sale system. EZToken Rewards have also partnered with Surpass Business Solutions, acquiring 3,000 new retailers in Australia which will accelerate network growth. The more retailers that accept the token, the quicker the network will grow, which will increase the demand for the EZToken on exchanges. EZToken Rewards are also partnered with Loyalty Reward and Co.
The loyalty industry is massive, projected to grow to $4.59 billion by 2021 with a CAGR of 22%. It is far easier and cheaper for businesses to retain existing customers than attain new ones. One of the most commonly cited annoyances by customers is the inconvenience of claiming the rewards instead of having a streamlined process where points are awarded automatically. A unified cryptocurrency reward program could be far more efficient than trying to take advantage of multiple loyalty programs offered by various retailers.
Digital Nomad with an interest in Zen and Blockchain technology.
Law graduate with 3 years experience as a consultant in the capital markets industry and 4 years experience freelancing on UpWork as a Creative Writer.