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Cryptogambling / Mastercard and Swoo: A New Partnership to Revolutionize Crypto Loyalty Rewards

Mastercard and Swoo: A New Partnership to Revolutionize Crypto Loyalty Rewards

Publish Date: 21/02/2024
Mastercard and Swoo: A New Partnership to Revolutionize Crypto Loyalty Rewards, Concept art for illustrative purpose, tags: rewards - Monok

Mastercard and Swoo: A New Partnership to Revolutionize Crypto Loyalty Rewards, Concept art for illustrative purpose – Monok

Mastercard, an international payment leader, and Swoo Pay, an emerging mobile payments app in the market, have teamed up to provide crypto loyalty rewards. This new partnership targets to address the challenges faced by competitors like Google Pay in regions like Africa and Southeast Asia.

Through this partnership, Mastercard fosters Swoo’s objective to make cryptocurrency rewards easily accessible to those users who don’t have access to platforms like Google Pay.Β Another problem that concerns nations having lots of Huawei smartphones, since due sanctions from the U.S. government is that there is absence of Google services on top of these phones.

Benefits of the Partnership

Swoo Tokens will work as loyalty rewards for users after executing contactless transactions through their Mastercard digital cards within the app. It is important to note that Swoo does not issue its cards but instead utilizes prevailing bank-issued cards. Consequently, it streamlines transactions and expands accessibility and reach. Swoo Pay offers crypto cashback in the form of loyalty rewards. This initiative aims to increase card utilization and bring in more customers.

In January, the pilot program amassed 17,000 participants. These participants have earned a 5% crypto cashback on their acquisitions. Users can convert their Swoo Tokens into BTC, USDT, or real money using the associated services.

They intend to implement additional web3 technology and improve the potential benefits and uses of loyalty tokens within the platform. Through this partnership, Mastercard prioritizes promoting the use of contemporary payment technologies.

In many emerging countries like Nigeria, Kenya, Philippines and Indonesia, there are billions of users who have MasterCard and Visa cards, but don’t have access to Google Pay

Filipp Shubin, Co-founder, Swoo

Shubin also mentioned that several Southeast Asian and African countries have billions of prospective customers. The names of some of these countries include Kenya, Nigeria, Indonesia, and Philippines. The partnership also deals with the tokenized payment concerns for Android users and thus improves accessibility.

For a while now, cryptocurrency rewards have remained part of the service offerings from leading players in the payment industry –Visa and Mastercard. Earlier efforts in cryptocurrency loyalty programs involve Mastercard’s partnership with Bakkt and Visa’s collaboration with BlockFi. Both these initiatives have encountered challenges.

However, the newest collaboration between Swoo and Mastercard aims to address these challenges and offer a more effective result. The state-of-the-art cooperation between the two entities can foster a more beneficial, captivating, worldwide execution of loyalty schemes.

Reliability and credibility of Swoo tokens

Swoo Pay emphasizes extending its reach in markets and handling tokenized payment problems for Android users. This emphasis matches with the local regulations and thus ensures a comprehensive experience. This initiative unlocks the development opportunities regarding democratizing access to cryptocurrency. It also leads to a more varied financial ecosystem. The partnership between Mastercard and Swoo aims to provide fresh, innovative incentives for Swoo users while they make daily purchases.

Denis Filippov, a country manager for Mastercard, has conveyed his eagerness to collaborate. He mentioned that Swoo Pay simplifies tokenized payment processes for Android device users, thus making them more accessible. Mastercard’s backing of the Swoo tokens suggests it is committed to offering convenience and safety via digital payment tools.

Partnership to redefine Crypto Loyalty Rewards

The partnership between Mastercard and Swoo is competent enough to revolutionize how people deem cryptocurrency integration and rewards programs. It makes the most of Mastercard’s global reach and Swoo Pay’s innovative approach. Hence, it aims to present a more respected, engaging, and accessible for users currently and in the future.

Furthermore, the success of this collaboration will unlock the path for further collaborations between fintech companies and traditional financial institutions. As a result, it will foster growth and innovation in the digital payments industry.

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