An Open Banking-Based Ethical Loyalty Programme

An Open Banking-Based Ethical Loyalty Programme

FACTS

  • Koin Rewards, FinTech behind a Blockchain-based ethical loyalty programme, teams up with the account aggregation service TrueLayer.
  • This partnership will lead them to craft a simplified redemption process for consumers, members of the Koin Rewards programme, using an instant Open Banking-based system.
  • When connecting their bank and loyalty accounts, they automatically earn points on each of their purchases from partner merchants. A network of merchants and members in being included to the redemption programme.
  • Koin Rewards also bets a Payment Initiation API by TrueLayer, enabling their members to carry out transactions from a bank account to their Koin account.
  • Ethical approach:
    • This community commits to promoting ethical, sustainable behaviours
    • In addition to a rewards system, Koin Rewards lets users track the carbon footprint induced by their consumption.
    • Loyalty points may be used to make donations to one of their partners, meeting sustainability goals as laid out by the UN.
    • Customers may also build an ethical investment portfolio.

CHALLENGES

  • Automating rewards' redemption. Rewards are automatically collected when making purchases. Users do not have to have their card or mobile device scanned. This ease-of-use may contribute to boosting loyalty programmes in general.
  • 2.0 Card-Linked Offers. The commissioning model selected by Koin and TrueLayer is based on a CLO principle, as rewards are sent automatically relying on transaction tracking.
  • Koin Rewards also bets on a Blockchain to implement their programme, even creating a dedicated digital called Koin.
  • Praising ethical values. Besides customer loyalty, Koin Rewards builds on ethical values. Their users can spend their points donating to charity, increased rewards when donating to environmentally friendly causes, etc.

MARKET PERSPECTIVE

  • Koin Rewards also kicked off a crowdfunding campaign on Seedrs.
  • And, Koin Rewards relies on another partner, Fidel, to expand their merchant community, aiming for ethical values’ supporters.

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