American financial services giant Visa and Vietnam’s ShopNEXT have rolled out a blockchain-based Web3 platform enabling users in the country to shop conveniently and obtain token rewards.
The duo expect this partnership to help merchants grow businesses and promote the development of Web3 in Vietnam, where revolutionary blockchain concepts are encouraged as a new growth driving factor.
In the partnership, Ho Chi Minh City-based ShopNEXT uses the Visa Offers Platform’s card-linked feature to enable users to link a Visa card to their mobile app. Through Visa’s electronic payments network VisaNet, the Vietnamese firm can track card payment transactions and reward users with its token as loyalty points.
In addition, the Vietnamese firm has introduced in-app gameplay and non-fungible token (NFT) cards to offer users options to boost their earning rewards.
“More consumers now shop online than ever before and they are showing great appetite for new digital experiences like token rewards based on blockchain technology and NFTs. Our partnership will help consumers shop without worries while enjoying the speed and security of Visa payments and earn exciting novelties like NFTs,” Dung Dang, Visa country manager, Vietnam and Laos, said in a release on Friday.
ShopNEXT CEO Le Khanh Linh said, “Our collaboration with Visa will help us accelerate the process of acquiring merchants and users efficiently.”
Web3, also written out as web 3.0, is a new iteration of the world wide web that hosts decentralized apps that run on blockchain technology. It is seen as a platform for decentralized finance and trading NFTs.