Rewards programs have been around for decades and are known to be widely popular with customers across competitive markets. And while brand loyalty is valuable, it can also be fickle, and customers are constantly looking for new ways of getting value. In one survey, 78% percent of all consumers say they would switch brands for a better loyalty program.
So it comes as no surprise that with public interest in crypto growing, enterprises would seek reliable partners who can offer a crypto rewards program safe enough to trust with their customers. Now with the launch of crypto rewards from Paxos, there is a new and secure way to recognize customer loyalty.
As the leading regulated blockchain infrastructure platform, Paxos understands the importance of trust to brand loyalty. With more customers seeking newer and different ways to be rewarded, few options are as unique and as secure as crypto rewards from Paxos.
By implementing crypto rewards, enterprises can differentiate themselves with their customers and deepen relationships. With Paxos, it is simple for an enterprise to begin rewarding their clients with crypto for certain activities, such as hitting a spending threshold or converting existing points to crypto.
78% of all consumers say they would switch brands for a better loyalty program
A rewards program can also be a notable option for a customer’s initial launch into crypto, helping to create that first introduction as the consumer becomes more familiar and engaged with an expanding network of additional touchpoints
Accessible entry point to crypto ecosystem
Enterprise clients and their customers have long understood the mutual benefits of loyalty programs, with brands seeing greater customer retention and consumers gaining value for their spending habits. An increase in brand affinity and better customer experiences are just two examples of the program’s mutual value propositions.
Because consumers are familiar with loyalty programs, crypto rewards is an accessible entry point to get customers engaging with crypto on their terms. Paxos’ mission is to get every asset on the blockchain, and a critical step toward that goal is broad adoption and understanding of blockchain and the crypto ecosystem. Crypto rewards is yet another way to expose and promote the crypto ecosystem to the broader public.
With crypto rewards from Paxos, enterprises can:
- Easily integrate crypto rewards using Paxos’ crypto brokerage and APIs
- Attract and retain users interested in engaging with crypto through a new crypto-powered rewards experience
- Create a new revenue stream by enabling in-app crypto trading with earned rewards
And it’s never too late – for enterprises considering crypto for their offerings, crypto rewards can make the ideal launch point for a new, secure crypto offering.
Using crypto rewards is easy
Crypto rewards from Paxos is not only easy to implement within Paxos’ Crypto Brokerage, but it’s just as easy for end users to adopt and utilize.
Reward engagement with crypto*
Like most other traditional loyalty programs, crypto can be awarded based on existing or new program rules.
Convert current loyalty points to crypto*
Alternatively, enterprises can offer their clients the ability to convert existing loyalty points into crypto.
In both of these examples, end users can enter the blockchain ecosystem simply, within their existing account with the provider rather than opening new accounts elsewhere. (*Already a customer with Paxos? Set up time with your account manager to learn more).
Originally created as an added bonus to attract and retain customers, loyalty programs have come a long way – with some believing the potential long-term benefits of a crypto loyalty program may help reduce costs. This would make it a feasible option for consideration in all market cycles.
Rewarding loyalty builds trust – and trust drives relationships
Trust is at the center of any great loyalty program and an effective program should help broaden that trust over time. For enterprises interested in helping consumers become more familiar with crypto, the likelihood is high that they too will be rewarded with long-term trust and loyalty.
To establish that trust, one should take into account how the digital assets within a rewards program are managed when considering extending a potential crypto rewards offering. As the first regulated blockchain financial institution, every aspect of Paxos’ operations is supervised by the New York State Department of Financial Services (NYDFS). This level of security is exactly what you want in a partner who manages your customers’ loyalty.
Whether you’re looking to add to your existing crypto brokerage offerings or waiting for the right time to launch a crypto offering, crypto rewards can be an ideal solution that provides a timely jumping-off point, as crypto becomes more a part of our everyday lives.
Disclaimer: Paxos is not an investment advisor and this is not investment advice.