Circle Partners with HKT for Blockchain Loyalty Solutions
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Circle, the stablecoin issuer, announced on November 12 that it has signed a Memorandum of Understanding (MOU) with HKT, a leading technology, media, and telecommunications company. The collaboration aims to develop blockchain-based loyalty solutions specifically designed for merchants in Hong Kong.
Enhancing Customer Engagement
According to Circle's blog post, the partnership will leverage Circle's expertise in Web3 services alongside HKT's extensive merchant network. Together, they plan to create Web3-powered loyalty solutions that enhance consumer interactions with merchants, fostering more engaging customer experiences.
CEO's Vision for the Future
Jeremy Allaire, co-founder and CEO of Circle, expressed enthusiasm about the collaboration, stating:
“We are excited to collaborate with HKT to bring our Web3 Services to the forefront of customer loyalty innovation. This collaboration is a testament to our commitment to helping businesses unlock the potential of blockchain technology to create value-driven customer experiences.”
The Growing Importance of Loyalty Programs
Loyalty programs have become increasingly significant for brands like American Express and Marriott, which have reported improved customer engagement and revenue due to their strong loyalty offerings. Circle noted that 70% of consumers consider loyalty programs vital in their purchasing decisions, according to a Statista report.
Blockchain's Advantages in Loyalty Solutions
Circle has recognized the potential of blockchain technology to address common challenges faced by traditional loyalty programs, such as account inactivity and low redemption rates. In March, Circle launched its “Smart Contract Platform” to facilitate integrated on-chain loyalty options, simplifying the reward earning and redemption process.
Addressing Challenges in Traditional Systems
A Deloitte report highlighted several inefficiencies in existing loyalty programs, including high transaction costs and processing delays. The report indicated that these issues contribute to low client retention and hinder ongoing customer loyalty. Circle believes that blockchain can resolve these inefficiencies by decentralizing the trust process and streamlining operations.
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