Rewards.com Announces a Universal Loyalty Program Built Using Blockchain Technology
DALLAS, Feb. 14, 2018 /PRNewswire/ — Rewards.com, an established leader in consumer loyalty and rewards marketing, is expanding its presence by creating a universal loyalty program powered by blockchain technology. The mission of this new program is to “take cryptocurrency mainstream and give the power of loyalty back to the customer,” says CEO and Co-Founder Todd Rowan.
Co-founders Todd Rowan and Linda Butcher have spent their careers in the loyalty industry. Before forming Rewards.com 5 years ago, the team found a niche in developing custom programs to drive consumer behavior. This allowed them to launch programs for several Fortune 500 clients like American Airlines, American Express and InterContinental Hotels. Because of the team’s broad experience in loyalty, they were able to see universal challenges in the current way loyalty programs were operated. “The current way we do loyalty is broken” says Mr. Rowan, “The consumers are frustrated by all of the limitation and exclusions that come with earning and redeeming rewards. Businesses are also frustrated with the increase in liability and carrying cost of unredeemed points and the overhead it takes to manage these programs.”
Despite the challenges with these programs, the research shows that consumer interest has not slowed down. Nearly 85 percent of consumers belong to 1 or more loyalty programs, with the average consumer involved in nearly 30. That equates to over $300 billion in reward points distributed worldwide every year with a consistent year over year growth rate of 30 percent.
To solve these challenges, Rewards.com has developed a solution to benefit both the business and customer. This new platform will allow consumers to earn what they call “RWRD” tokens as a reward for an activity or purchase. Once you have earned a RWRD token it can either be used at any of the 7,000 partnering merchants on over 100,000,000 products or traded on a cryptocurrency exchange for cash.
Unlike traditional point programs, RWRD tokens do not disappear when redeemed. When a consumer redeems RWRD tokens, Rewards.com converts the token value into fiat to pay the sponsoring program or merchant. In turn, Rewards.com re-issues the redeemed tokens to consumers in conjunction with new consumer earnings for purchases, contests, and surveys. In this manner, RWRD tokens do not expire or cease to exist but instead remain in circulation through the continuous and infinite earnings and redemption cycle.
To find out more about Rewards.com new loyalty program, visit their website at http://Rewardstoken.io.
Rewards is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.
Contact: Michael Shepherd
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