Swoo, a mobile wallet that combines traditional and cryptocurrency payments, has partnered with Mastercard to revolutionize loyalty programs for banks, merchants, and payment service providers.
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MastercardSwoo, a mobile wallet that combines traditional and cryptocurrency payments, has partnered with Mastercard to revolutionize loyalty programs for banks, merchants, and payment service providers.
Swoo introduces an innovative approach to crypto cashback by offering Swoo Loyalty Tokens for every contactless payment made through the app using digitized Mastercard cards. This collaboration reflects the growing interest among major financial institutions and retailers in engaging with cryptocurrency assets. Such initiatives offer a means to rejuvenate loyalty programs, which have faced challenges such as low client retention and redemption rates, as well as delays and high implementation costs over the past decade. For customers, this program offers a user-friendly opportunity to explore cryptocurrency assets without the need for significant investment.
The collaboration with Swoo wallet is aimed at emerging markets such as Africa and Southeast Asia, particularly focusing on areas where Google Pay hasn’t yet made inroads. A trial conducted in January attracted 17,000 users who benefited from the 5% cashback offer on cryptocurrency transactions.
The collaboration builds upon the achievements of a trial campaign called “Super Tokenback with Mastercard” conducted in January. Throughout a three-week period, users received a 5% Tokenback (crypto cashback) on all purchases made with Mastercard through Swoo Pay. During this time, over 17,000 participants engaged in more than 128,000 transactions, resulting in a 56% increase in card spending and the introduction of new consumers to crypto-based rewards.
Once users accumulate Tokenback in the form of Swoo Loyalty Tokens, they have the option to exchange their rewards for popular cryptocurrencies such as USDT or BTC within the Swoo app, or convert them to fiat currency through partnering services. As Swoo continues to develop its crypto rewards platform, additional Web3 features will be incorporated, enhancing the utility and value of loyalty tokens within the ecosystem.
The initiative is particularly significant for individuals typically overlooked by conventional payment services, including those residing in emerging markets and Android smartphone users.
According to Swoo co-CEO Filipp Shubin, “Swoo Loyalty Tokens seamlessly integrate cryptocurrency into mainstream markets, adhering to local regulations and benefiting from favorable tax terms. This simplifies the launch and expansion of marketing campaigns aimed at attracting new users. Through Swoo’s contactless payments and crypto rewards, millions of consumers in emerging markets will be introduced to the cryptocurrency ecosystem as Swoo expands globally.”
Denis Filippov, Managing Director at Mastercard, commented, “Mastercard is continuously broadening the scope of digital payment solutions to enhance the convenience, technological sophistication, and security of transactions. Swoo Pay addresses challenges with Tokenized payments for Android device users, enhancing accessibility. Our collaboration aims to offer additional innovative incentives for Swoo users to make everyday purchases.”
About Swoo:
Swoo is revolutionizing digital payments and loyalty programs through partnerships with leaders in the payments industry, such as Mastercard. Supported by local banks, mobile phone vendors, and key players in the payments industry, Swoo promotes financial inclusion in emerging markets across the Middle East, Africa, and Southeast Asia.
The team behind Swoo possesses a decade of experience and has successfully developed and sold a mobile wallet app that boasts over 35 million registrations, 14 million active monthly users, and over 100 million monthly transactions. Leveraging this expertise, Swoo is committed to building an inclusive financial platform that combines traditional and cryptocurrency finances, focusing on security, user experience, and scalability.
Source: Swoo
