Blockchain Startup M2O to Tokenize Loyalty Programs
Loyalty programs are often known for lost points by ill-informed customers and financial liability due to unclaimed rewards for businesses. This is set to change as Korean blockchain venture M2O ushers in a new paradigm that will integrate all loyalty programs under a single umbrella. To bring this vision to fruition, M2O is launching its crowdsale to raise funds.
M2O is seeking to create an ecosystem that will unite existing bonus programs from different companies and build a global membership services platform on the blockchain. This way, customers can merge all their reward points from various loyalty schemes into a single wallet. What’s more, the project has started a technical cooperation with global IT services leader Oracle to ensure high security and transparency of services.
“Not only will M2O help save more than $100 billion from unclaimed reward points, but will also offer exciting benefits to customers like having all of their bonuses in one place and being able to spend them as real currency around the world. Or even converting their points into real cash. Isn’t it what all we dream of?” said Henry Kim, the company’s CEO.
He further explained that businesses will also enjoy advantages offered by M2O. By getting access to its large clients’ pool and big data analysis, companies can reduce marketing costs and strengthen their positions on the market.
The team strongly believes that today’s reward programs need a change and the newest techs can encourage it. Though an average customer is part of at least 14 such schemes, they are far from ideal.
Lack of proper information, a barrage of promotional messages, emails and confusion on how to redeem points often leads to their expiration – without being used. Moreover, the incentives are not flexible: a person can’t exchange or sell them. He either redeems the points or loses them.
The M2O solution
Apart from integrating all bonuses into a single M2O wallet that allows users to spend rewards on products and services from businesses around the world, the project also has many exciting things in store.
The M2O “Mileage Bank,” based on cutting-edge FinTech and blockchain, will provide services such as cloud funding, asset management and bonus generation. M2O Coin will become the gateway to the project’s ecosystem – holders will be able to use tokens as payment and convert them into real cash. Thus, M2O offers its users a safe and secure environment wherein they can store their cryptocurrency and trade it on different exchanges.
The project also plans to open its own premium shopping mall, where everyone will be able to use reward points and spend M2O coins.
For small businesses that do not have their own reward points system, M2O will offer a platform where points will be accrued. This will help these businesses to create customer loyalty by operating a reward scheme.
M2O seeks to unleash cryptocurrency capabilities to disrupt the existing loyalty points market to benefit both the customers and businesses. With blockchain technology previously “intangible” bonuses will finally reach a new level of usage and will become transferable, tradeable, and secure.
After a successful first crowdsale, M2O is confidently moving towards its global ICO phase. Soon everyone will be able to join the project and get M2O coins. Token crowdsale begins on October 29, 2018, 16:00 JST time (UTC +9) and finishes on November 23, 2018, 16:00 JST time (UTC +9).
All contributions will be accepted in ETH, while the minimum amount of it is 1 ETH. The project is targeting a soft cap of $5,600,000 and a hard cap of $56,000,000.