2024-02-20 11:24:12 ET
MasterCard and mobile payments app Swoo Pay are working to innovate crypto loyalty rewards and fill the gaps existing in the international payments sector.
Swoo Pay wants to innovate cryptocurrency loyalty rewards through Swoo Tokens for each contactless payment completed via the application using digital MasterCard cards. Notably, the mobile payment app doesn’t have its card but uses existing bank cards to facilitate payments while offering crypto rewards.
Swoo Pay focuses on emerging markets, and the new partnership targets regions unexplored by Google Pay, including Southeast and Africa. Also, the firms will roll out the crypto cashback services to countries where affordable devices, such as Huawei phones, dominate.
How the cashback scheme works?
Users who earn Swoo Loyalty tokens can convert the rewards into popular digital assets such as Tether (USDT) and Bitcoin (BTC) on the Swoo app or exchange them for fiat via partnering services.
Further, Swoo plans to introduce more web3 functionality and improve the value and use cases for loyalty tokens in the ecosystem as it modifies its crypto cashback platform.
Earning crypto rewards is not new for leading payment companies like Visa and MasterCard. The former had collaborated with BlockFi (now-defunct) to launch credit cards that allow users to earn Bitcoin on everyday purchases some years ago.
Moreover, MasterCard partnered with NYSE-owned Bakkt for a cryptocurrency loyalty scheme.
Mastercard officials commented on the latest collaboration, highlighting the firm’s commitment to expanding the usage of digital payment tools for safety and convenience. Meanwhile, Swoo Pay addresses Tokenized transaction issues for Android users, bolstering accessibility.
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