Bitsoko, a Kenyan company which seeks to grow the mobile payment platform via integration of the blockchain technology to mobile money in view of supporting nano and micro transactions, has introduced Bits loyalty; a new customer loyalty rewards platform premised on the blockchain.
This will allow small, medium and large scale merchants to reward customers with bits tokens. The tokens aren’t specific to a merchant but can be acquired and redeemed at any participating merchant. The tokens have a fluctuating exchange rate determined by Etherium, the second most valuable cryptocurrency.
Bits is less like a traditional loyalty rewards program on a blockchain and more like a new paradigm entirely for loyalty rewards. It is basically enabling access to cryptocurrency to customers of any merchant store, anywhere.
This is how it works:
Bits is a digital asset, just like Bitcoin, which is enabled by the blockchain – an open, global, secure, distributed ledger.
Our plug-in allows you to build and manage a powerful loyalty reward program from within your existing platform so you can issue Bits as reward for purchases and accept it in redemption for future purchases.
Customers receive their rewards in a mobile app that connects their wallet to your products, offers and promotions, which can be purchased in-app, online or in person. Because Bits is a digital asset reward, merchants can outsource infrastructure costs and liabilities to the blockchain, while the consumer is rewarded instantly, with an incentive that has intrinsic value.
Bitsoko received $100,000.00 in funding from the Bill & Melinda Gates’ Grand Challenges Explorations which funds individuals exploring ways to solve persistent global health…