Business Insider Japan recently featured SynchroLife in a great article detailing our new capital and business alliance with Orient Corporation and what it means for the future of our service!
Curious about the SynchroLife and Orient Corporation partnership? Keep reading below to learn more! You can also read the original article from Business Insider Japan in Japanese here: https://www.businessinsider.jp/post-194814
SynchroLife, the social restaurant review service in which users can earn cryptocurrency just by dining out (run by GINKAN, Inc) announced on July 17, 2019 that they have formed a capital and business partnership with major Japanese credit company Orient Corporation (also known as “Orico”). They also raised funds through a third-party allocation of shares to Orient Corporation.
Results-Based Compensation Model for Restaurants
SynchroLife has developed a new kind of advertisement model to help the restaurant industry, where bankruptcy and store closings have become an issue in Japan in recent years.
As of July 1, 2019, SynchroLife official released their participating restaurant service which allows users to earn a percentage of their dining bill cash back in “SynchroCoin” cryptocurrency by scaning a QR code at participating restaurants when checking out.
Restaurants can join this service free — there are no upfront or monthly fees. Joining SynchroLife as a participating restaurant increases a restaurant’s visibility within the app and means their restaurant will be introduced to local diners and reviewers.
After diners visit a restaurant, restaurants can contact them again with automated CRM (customer relationship management) tools. The app knows when a diner last visited a restaurant and how much they spent, and restaurants can set up coupons or other contact to easily invite diners back to the restaurant in the future.
Restaurants can join SynchroLife with zero risk and enjoy a variety of perks, and yet the only payment they make is a 5% advertising fee when a user dines at the restaurant. Unlike traditional restaurant advertising where it is difficult to see the exact results, SynchroLife allows restaurants to join and pay on a complete results-based compensation basis which means they only have to pay when they actually get results.
A Unique Positioning, Different from Settlement
With a service like SynchroLife, adding a payment tool into the app seems like a natural next step. It would be convenient for both restaurants and users to pay and earn cryptocurrency all in one step through the SynchroLife mobile app. It would be even better if users could use the cryptocurrency to pay for part of their meal too.
However, SynchroLife didn’t choose that strategy. As was seen with the recent 7pay incident in Japan, the settlement business requires a high level of security and development. Marketing to get businesses to use new payment services can also be a challenge and often proves costly — like PayPay payment service’s recent “10 billion yen” giveaway in Japan.
SynchroLife has instead chosen to form a partnership with credit card companies that already have a large user base. Orient Corporation has over 10 million credit card users and over 800,000 businesses as clients, serving as a great foundation to raise awareness about SynchroLife.
Teaming up with SynchroLife is beneficial for Orient Corporation as well. SynchroLife’s cryptocurrency reward system can be used as a new service for existing credit card users, and SynchroLife’s zero risk results-based compensation restaurant service can be implemented in Orient Corporation’s business clients easily as well. This all leads to increased credit card usage, which benefits Orient Corporation.
SynchroLife chose a different stance than that of settlement companies that rely on commission fees. Instead, SynchroLife is expanding its presence in the restaurant payment space by utilizing cryptocurrency and working with other companies. They aim to have 1000 restaurants in their program by the end of 2019.
Additionally, by partnering with Orient Corporation, SynchroLife aims to expand in to even more fintech businesses and services using their cryptocurrency and in-app cryptocurrency wallet.
Thank you Business Insider Japan for featuring us in this detailed and education article!
You can read the original article from Business Insider Japan in Japanese here: https://www.businessinsider.jp/post-194814
You can also read some translations of other Business Insider Japan articles featuring SynchroLife below:
Business Insider Japan: The World’s First Service to Earn Crypto Just By Dining Out.
SynchroLife is excited to announce we successfully launched our new restaurant program earlier this month on July 3…
Business Insider Japan: The World’s First Social Restaurant Review Service with Token Rewards…
SynchroLife’s funding announcement last week has attracted a lot of attention in Japan, and our founder and CEO…
Business Insider Japan: Eat, Review, and Earn Cryptocurrency!
As you may have already heard, SynchroLife is running a special proof-of-concept campaign with 21 restaurants in Tokyu…
And follow SynchroLife on Medium to keep up with the latest news!
SynchroLife is the world’s first social restaurant review platform with token rewards, connecting users and restaurants…
Please visit the following links to learn more about SynchroLife! 📲
Official Website: https://synchrolife.org
White paper: https://synchrolife.org/whitepaper.html
SynchroLife Mobile App:
iOS App Store: https://itunes.apple.com/app/id557532449
Android Google Play: https://play.google.com/store/apps/details?id=jp.co.synchrolife