American Express has deployed Hyperledger’s blockchain technology to make its Membership Rewards program in partnership with digital retailer Boxed. More versatile, marking the first application of blockchain technology to a major U.S. financial services loyalty program.
Under the revamped program, merchants will be able to create Membership Rewards offers on their own platforms to engage customers and at the same time offer card members more opportunities to earn points.
Product Selection Rewards
American Express is partnering with Boxed, an online wholesale retailer, on a pilot promotion for Membership Rewards enrolled members. Members can earn 5X Membership Rewards points for select products and brands.
The company announced Wednesday that it is leveraging Hyperledger to let merchants create custom Membership Rewards programs for American Express cardholders. Its initial trial with Boxed will allow members to earn five times the normal number of points on certain products, according to information shared with Coin Desk.
American Express will initially provide rewards points to Boxed customers for Cheerios cereal, Planters nuts, Dove soap and a few other items, according to the Associated Press. American Express plans to make the program available to nearly all merchant partners in the coming months.
How to Works
A private channel on the company’s blockchain will allow merchants to send and receive information securely. The merchant will have control over the offers they wish to market, and they will be able to create custom Membership Rewards offers and designate SKU level bonuses.
American Express will have full visibility of the offers on the blockchain and will ensure the promotions conform to its brand values and merchant agreements.
Once the offers are available to customers, the smart contract will automatically send the anonymized transaction to American Express on the private blockchain. American Express will identify the card member and issue them their rewards points.
American Express will work with merchants to create the smart contracts for the offers.
The credit card giant is a premiere Hyperledger member, along with Deutsche Bank, JPMorgan, IBM, Intel, Baidu, and Accenture.
Notably - This is not the first foray by American Express into blockchain rewards, as the company filed a patent last year outlining a possible rewards program that would be stored on a blockchain.
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