Mastercard and Swoo Revolutionize Loyalty Programs with Crypto Cashback
Mastercard, a global leader in payment technology, has joined forces with Swoo, a mobile wallet provider, to reshape the landscape of loyalty programs. Through this collaboration, Swoo is pioneering a novel approach to rewards by offering Swoo Loyalty Tokens as crypto cashback for every contactless payment made via the Swoo app using Mastercard cards. Unlike other players, Swoo is not issuing its own card but is enhancing existing bank cards with crypto rewards, signaling a shift in how major financial institutions and retailers are embracing crypto assets.
The partnership builds on the success of the “Super Tokenback with Mastercard” pilot campaign, where users received a 5% Tokenback (crypto cash back) on all Mastercard purchases made through Swoo Pay. This initiative saw significant participation, with over 17,000 users making 128,000+ transactions, demonstrating a growing interest in crypto-backed rewards.
Users can convert their Tokenback rewards into popular cryptocurrencies like USDT or BTC within the Swoo app or cash out to fiat money via partnering services. As Swoo expands its crypto rewards platform, more Web3 features will be integrated, offering additional utility and value for loyalty tokens within the ecosystem.
This program is particularly beneficial for individuals traditionally underserved by payment services, such as those in emerging markets and Android users. It provides a seamless integration of crypto into mainstream markets, complying with local regulations and simplifying the launch of marketing campaigns to attract new users.
Denis Filippov, Managing Director at Mastercard, emphasized the company’s commitment to enhancing digital payment instruments, making payments more convenient, technologically advanced, and secure. By collaborating with Swoo, Mastercard aims to offer innovative incentives for users to make everyday purchases, bridging the gap in markets where services like Google Pay are not widely available.
Mastercard and Swoo’s partnership is strategically focused on emerging regions like Africa and Southeast Asia, where Google Pay has limited reach. The collaboration also aims to address the issue of accessibility for users in countries with a high concentration of affordable Huawei smartphones, where Google services are unavailable due to sanctions from the U.S. government.
The Swoo tokens, which serve as user incentives, are backed by Mastercard and can be instantly converted to other cryptocurrencies or fiat currency. The success of the pilot program underscores the growing demand for crypto rewards and the potential for this innovative approach to reshape the loyalty landscape.
