Mastercard and Swoo Pay reportedly to offer cryptocurrency-based loyalty rewards: Details

While countries around the world are taking a slow and calculated approach to participating in cryptocurrencies, fintech giants such as Mastercard and Visa have already made cryptocurrency-enabled steps part of their operations. In a new development, Mastercard has begun working on launching cryptocurrency-based loyalty rewards. The payments giant has reportedly decided to partner with emerging markets-focused mobile payments app Swoo Pay. Crypto culture around the world seems to be gathering pace, which could be a driver for fintech giants like Mastercard to explore the possibility of integrating their services with Web3.

Mastercard and Swoo Pay will work together to drive a culture of cryptocurrency-based loyalty rewards in emerging economies where people can use Mastercard and Visa but not Google Pay. Swoo users in countries such as Nigeria, Kenya, Philippines and Indonesia are rewarded with Swoo tokens when they pay through the app. These tokens can be converted into other cryptocurrencies such as Bitcoin and USD coins, as well as into fiat currencies.

As part of the program, Mastercard will serve as the ultimate backer of the Swoo token, which coin table the report said.

“Swoo Pay solves the tokenized payment problem for Android users, making it easier for them to use. Our collaboration aims to provide additional innovative incentives for Swoo users to make daily purchases,” the report quoted Mastercard executives saying about the development. Comment.

Swoo also hopes to push a Mastercard-backed cryptocurrency loyalty rewards program into areas where China-made Huawei smartphones are popular. Due to U.S. government sanctions, Google services such as Pay are not available on these phones.

“Through Swoo’s contactless payments and crypto rewards, millions of consumers in emerging markets will be introduced to the crypto ecosystem,” Report CoinTelegraph quoted Swoo co-CEO Filipp Shubin as saying.

Meanwhile, Mastercard has been taking several steps to experiment with cryptocurrencies. The company has partnered with cryptocurrency exchanges such as Binance, Nexo and Gemini to offer cryptocurrency-linked payment cards in some countries.

To make the blockchain-based financial ecosystem secure, scalable and interoperable, Mastercard is creating the “Multi-Token Network (MTN)”.