It seems that everyone is trying to leverage blockchain technology and cryptocurrency as our global economy is headed towards a fully digitized world. Not just government entities, or corporates, or even large retailers, now even banks – but even fast-food restaurants are recognizing the significance of cryptocurrency and blockchain technology.
In 2017, Burger King in Russia introduced the WhopperCoin, which is used to reward customers for every purchase of a Whopper sandwich.
Another fast-food giant entered the crypto world on March 18. McDonald’s partnered with LoyalCoin to offer crypto-rewards for its customers. Customers will get a free burger just for signing up to the service.
LoyalCoin is a blockchain-based company that offers loyalty rewards to customers. By leveraging blockchain technology, the company claims that it has made using “points on more than just redeeming rewards and perks from your favorite brands” possible.
LoyalCoin can be earned by users by purchasing goods and services from brands that issue cryptocurrency as customer rewards. LoyalCoin can also be purchased by users from exchanges like Cryptopia and NemChange.
How the platform plans to ensure customer loyalty to a particular brand, is under question. If coins can be bought and cross-redeemed, some customers can use LoyalCoins bought from an exchange to game the rewards system. LoyalCoin can also be converted to cash by exchanging it for Bitcoin or another cryptocurrency. This raises the question over how the program differs from cash-back.
A famous coffee shop in Starbucks is also exploring ways to accept in-store payments in crypto.
Article originally sourced from Cryptoslate.