Swap

$wap, a blockchain-based loyalty exchange platform built to enable companies and consumers to reap maximum benefits of loyalty rewards programs.

Businesses today have become customer-centric. Customer engagement plays a very crucial role in the future of an organization. Many organizations have introduced loyalty rewards as a part of their customer engagement for acquisition and retention but haven’t been successful. This can be understood from the fact that close to $ 100 billion worth rewards points remain unused annually. This modest usage of these loyalty programs can be attributed to the diverse rewards initiatives by organizations with insufficient points to redeem.

To help organizations improve their customer engagement and enable customers to consolidate their rewards points to make purchases, Mindtree has developed a blockchain-based loyalty exchange platform called $wap. This hybrid mobile app has been built using Hyperledger Fabric technology, which gives organizations smart, contract-driven points of exchange with an easy onboarding process into the network. The platform will allow merchants to negotiate exchange rates for points stored on the ledger, with visibility to only the members who are part of the agreement. It will offer instant gratification for customers; they will be able to pay for goods and services at any of $wap’s vendors by using points accumulated over multiple brands’ loyalty programs. Additionally, $wap will offer intelligent suggestions on which brands’ points can be redeemed at certain store based on geolocation. These features will help brands improve their customer satisfaction and retention. Customers and companies will primarily benefit from the real-time updates about points redeemed and instant reconciliations without any discrepancies.

Value Proposition

• Usage of reward points from multiple loyalty programs
• Exchange of loyalty points between various companies’ loyalty programs
• Single interface for a user to manage all loyalty accounts
• Hassle-free onboarding of partners through $wap administrators
• Interface for negotiation of exchange value of points between partners
• Simplification of reconciliation and dispute management
• Reduction of losses related to human error and frauds
• Real-time settlements after points redemption
• Quick onboarding of new vendors
• Possibilities of cross-selling and new business opportunities for organizations