Loyalty programs are getting a major makeover with a dynamic partnership between MasterCard and Swoo Pay, a mobile payments app catering specifically to emerging markets. This collaboration is intended to revolutionize how users earn rewards- as it ventures beyond traditional loyalty points and incorporates cryptocurrency rewards. The partnership targets regions like Southeast Asia and Africa and aims to fill the gaps left by established players like Google Pay and bring wider financial inclusion opportunities.
Reaching Consumers Beyond Google Pay
Imagine billions of individuals across emerging markets like Nigeria, Kenya, Philippines, and Indonesia with MasterCard and Visa cards, yet lacking access to Google Pay’s loyalty programs. This was the reality highlighted by Filipp Shubin, co-founder of Swoo Pay. This partnership addresses this gap by leveraging existing bank cards for contactless payments through Swoo Pay, with an added twist of Swoo Tokens as rewards instead of the typical points system.
However, the impact extends beyond traditional payment methods. The collaboration specifically targets users wielding Huawei smartphones. Due to sanctions, these devices lack Google services, leaving users without access to Google Pay’s offerings. Swoo Pay bridges this gap by enabling payments and crypto rewards on these devices, opening doors to a previously excluded segment of the mobile payments landscape. This inclusivity extends to the device used and also to the reward structure and offers a novel and possibly lucrative cryptocurrency alternative to traditional loyalty programs.
Crypto Cashback to Empower Users
Swoo Pay not only enables access but also incentivizes users with an attractive crypto cashback scheme. For instance, you can make a purchase using your MasterCard through Swoo Pay, and instead of the usual points, you receive a portion of your spending back in Swoo Tokens. These tokens can be converted to popular cryptocurrencies like Bitcoin or Tether within the app or exchanged for fiat currency through partner services. This adds flexibility and aids in value appreciation, allowing users to explore the world of cryptocurrency while being rewarded for their everyday purchases.
Moreover, Mastercard acts as the guarantor of Swoo Tokens, ensuring their value and stability. This instills trust in users, making them confident that their crypto rewards hold real worth and are not subject to sudden fluctuations.
Expanding Financial Inclusion- A Partnership with Purpose
This collaboration between MasterCard and Swoo Pay carries a deeper significance. It is about expanding financial inclusion in regions where traditional options may be limited. By combining accessible payments with crypto rewards, MasterCard and Swoo Pay are creating an avenue for millions of users to explore the world of digital currencies and gain exposure to a valuable asset class. This can empower individuals in emerging markets giv,e them greater control over their finances, and open doors to new investment opportunities.
The Future Outlook
The partnership does not stop at crypto cashback. Swoo Pay visualizes a future with deeper web3 integration, meaning even more ways for users to leverage their Swoo Tokens within the ecosystem. This could involve using tokens for online purchases, bringing exclusive benefits within partner platforms, or even participating in decentralized finance (DeFi) applications.
That said, the partnership is a reflection of the participants’ ongoing innovation and their aim to bring pioneering solutions to under-served regions and make way for a more inclusive and crypto-powered financial future.
Celine Brooks is a renowned journalist and author specializing in cryptocurrency and blockchain technology. She holds a Master’s degree in Economics from Harvard University and is very passionate about Crypto. Celine regularly hosts webinars and workshops, sharing her insights and forecasts about the evolving digital currency landscape. She is also an active contributor to several leading financial and tech publications, where she breaks down complex crypto trends into understandable insights for everyday investors.