Use your mileages the way you use your cash together with Mileverse!
MileVerse is a mileage integration payment platform, that applies blockchain technology to build an integrated ecosystem, that benefits everyone, ranging from corporations and customers up to affiliated stores.
In today’s post, we wanted to synchronize the recent article, that has been published on one of the most renowned media outlets in South Korea — Jungang Ilbo, which has highly illustrated the use cases enabled by MileVerse and illustrated the functionalities of the recently released application. Enjoy the reading!
The card point integration inquiry & cash deposit services recently launched by the Credit Finance Association has become quite popular among middle-class people. It is a service that allows users to cash out their points and mileages that they have at once through the Credit Finance Association website. During a week since its opening, points and mileages worth 77.8 billion KRW have been exchanged into cash, accumulating 6.81 million transactions.
Mileage and point services are services that provide customers with scores calculated under certain conditions (mileage points) based on the purchase amount of various products or the number of visits to stores. A mileage System is a customer compensation system that is used not only in Korea but also around the world, and the size of the mileage market in South Korea is growing every year. The accumulated mileage amount as of 2019 is about 20 trillion KRW.
Despite the significant size of the mileage market, 60% of mileages are left unused and are continuously disappearing due to heavy restrictions and limited use cases every year. There are many reasons for the high number of miles that are being extinguished, such as the expiration of the period of usage, usability only within certain affiliates, and restrictions on the minimum amount of usage.
Considering the recent increase in traffic to Card Point Integration Inquiry & Cash Deposit Services, there is a high demand from the consumers who want to use their mileage but are facing certain inconveniences.
Recently, the mileage exchange of Truss Chain Co., Ltd. and the integrated payment platform MileVerse App (APP) service is drawing high attention from potential users. The Mileverse App is a mileage integration service platform that allows users to use points at various franchises such as convenience stores, coffee shops, and Gifticons.
▶ “J-Health Pick” — a health shopping mall run by JoongAng Ilbo Health Media
▶ Dongjin Pharmaceutical’s online shopping mall “Health Warehouse”
▶ “Real Pet,” a pet clothing store.
The CEO of “Trustchain” Jung Jin-hyung has noticed:
“We will expand our business to global markets with various experiences in the open market and abundant business networks and Mileverse app that we have accumulated so far”
