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How Blockchain Technology Can Boost Credit Card Rewards

Can Blockchain Boost Credit Card Rewards?

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Advance Personal Finance

Advance Personal Finance

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Blockchain technology is increasingly gaining critical acclaim in the modern business world. The technology relies on a system that records transactions by using a digital ledger. It records the transactions in verifiable and secure cryptographic blocks connected to a chain. It is through this technology that cryptocurrencies such as Bitcoin are revolutionizing how we view currency.  It can even help you earn more rewards.

The Prevalence of Blockchain Technology

World renowned logistics companies are using blockchain technology to advance their global shipping activities. Some food retailers are also enhancing their food safety efforts using this technology. The technology is influencing charitable and financial activities across the globe.

Blockchain Boosting Credit Card Rewards

What most people don’t know is that the technology can boost credit card rewards. The technology can enable merchants to offer their customers more personalized offers by leveraging their own data and insights. This conclusion came from a joint survey did by the American Express and Boxed (a blockchain-powered pilot program).

In the survey, Amex made it possible for their clients to earn Membership Rewards points over five times. The rewards applied to household products from wholesalers such as Planters, Cheerios and Dove. Amex offered the bonus earnings based on individual purchasing patterns by relying on the blockchain technology.

The Catch

Amex is looking forward to enable more merchants to make use of the blockchain technology. The company believes that this move will enhance the requests made by credit card owners. It will also give them more opportunities for earning the rewards. The technology is likely to create new channels and opportunities for card holders to earn rewards from merchants they trust and love.

With blockchain, Amex believes that its card members can get more offers with a greater customization level. This means that they can gain the rewards based on their individual needs and their past interactions with merchants. Merchants, on the other hand, will have control over the type of offers they want customers to get.

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