Swoo, a mobile wallet blending traditional and crypto payments, has teamed up with Mastercard to reinvent loyalty programs for banks, merchants, and payment service providers.
Swoo offers an alternative method of crypto cashback in Swoo Loyalty Tokens for every contactless payment made via the app with digitized Mastercard cards. The move indicates interest on the part of major financial players and retailers to participate in crypto assets. For them, programs like this can help update flagging loyalty programs, which have stagnated in the past decade amid low client retention and redemption rates, delays, and high implementation costs. For customers, the program provides a user-friendly introduction to crypto assets without committing to an investment.
The partnership builds on the success of a January pilot campaign “Super Tokenback with Mastercard.” For three weeks, users received 5% Tokenback (crypto cash back) on all Mastercard purchases made through Swoo Pay. Over 17,000 participants made 128,000+ transactions during this time, increasing card spend by 56% and introducing new consumers to crypto-backed rewards.
Once users earn Tokenback in Swoo Loyalty Tokens, they can either swap their rewards for popular cryptocurrencies like USDT or BTC in the Swoo app or cash out to fiat money via partnering services. As Swoo develops its crypto rewards platform, more Web3 features will be supported, unlocking additional utility and value for loyalty tokens within the ecosystem.
The program is essential for people traditionally underserved by “pay” services: those in emerging markets and those with Android phones.
“Swoo Loyalty Tokens seamlessly integrate crypto into mainstream markets, complying with local regulations and enjoying favorable tax terms, simplifying the launch and scalability of marketing campaigns to attract new users,” said Swoo co-CEO Filipp Shubin. “Through Swoo's contactless payments and crypto rewards, millions of consumers in emerging markets will be introduced to the crypto ecosystem as Swoo expands globally.”
Denis Filippov, Managing Director at Mastercard, added, “Mastercard is constantly expanding the possibilities of using digital payment instruments in order to make the process of payments as convenient, technologically advanced and safe as possible. Swoo Pay solves issues with Tokenized payments for Android device users, making them more accessible, and our collaboration is designed to provide additional innovative incentives for Swoo users in making everyday purchases.”
About Swoo
Swoo is reinventing digital payments and loyalty programs through partnerships with payments industry leaders like Mastercard. Supported by local banks, mobile phone vendors and payments industry leaders, Swoo drives financial inclusion in emerging Middle East, Africa and South-East Asia markets.
The team behind Swoo has a decade of experience and successfully built and sold a mobile wallet app serving 35M+ registrations,14M+ active monthly users and 100M+ transactions monthly. At Swoo, it applies lessons in security, user experience and scalability to build an inclusive financial platform merging traditional and crypto finances.
For more information, please contact: [email protected] TG/X: @fshubin