Loyalty Points = Money
Isn’t it interesting that in this digital era, there are some things which we hang onto from the past out of habit, and are just sort of waiting for the next update to come along? Thankfully we are surrounded by startups and entrepreneurs who are determined to change these outdated practices and products. There are markets as yet untapped, stagnated by their inability to keep up with the times.
One of the most understated and unnoticed markets is that of loyalty points. Ironically almost everyone seems to belong to some form of loyalty program, but we all have a hard time keeping track of the individual rules, the time frames by which we are expected to spend the points, and the way in which to spend them in the first place. Quite frankly the discounts we receive are usually not enticing enough to make us care. This leads us to only halfheartedly participate in. them at all, which in the end is not even beneficial for the merchants, since their whole goal is to get more data about their clients and cater directly to them at a greater profit.
Having said that, this market has incredible potential. According to Charles Ehredt, there are currently more loyalty points in circulation than US dollars! Unfathomable! How much money have we spent in order to get more points or discounts, only to leave them to gather dust or expire?
So how do we turn our cobwebby loyalty points into real money? Several companies have appeared recently who are trying to answer this question. Some companies have been trying to answer this question for several years without great success. Almost all of them have come to the conclusion that loyalty points have to in some way become digital money. But what is digital money? Is it as reliable as “real” money? If we compare the two, we will find that there actually aren’t many differences left. Both are units of account, which store value and are broadly accepted as Ehredt explains in his Tedx Talk. And though some people tend to be more skeptical of digital money, the truth is, we barely even touch our “real” money any more. We pay for our coffee with our credit or debit cards, we use the paypass on our phone for public transportation, many countries are even opting out of coin change because it’s literally becoming redundant.
Wulet is a startup which took the relics which we call Loyalty or Rewards cards and has made it a thing of the future. One app to store all your loyalty points, and not only store them, but exchange them for things you actually need, or else for WU tokens which can be used at your leisure and don’t expire.
We at Wulet believe that the loyalty points market is long overdue for a makeover, and that we could be saving and therefore spending, much more of our money! That is why we have developed a blockchain based loyalty points exchange platform to protect consumers and merchants alike, and have locked in some big players across different markets, from clothing to airmiles, and are confident that the future of loyalty points is bright!