Circle, a global financial technology company that offers digital currency services, has joined forces with BitoGroup and FamilyMart in Taiwan. Together, they have launched an innovative “points to cryptocurrency” service.
Circle has recently announced a collaboration with BitoGroup, Taiwan’s prominent exchange, and FamilyMart, the nation’s second-largest convenience store chain. This strategic alliance seeks to introduce an innovative service that allows users to effortlessly convert their FamilyMart loyalty points into cryptocurrencies like USDC through BitoGroup. It is worth noting that BitoGroup boasts an impressive user base of 800,000 while FamilyMart enjoys the membership support of over 17 million individuals.
A new service called ‘Points-to-Crypto’ is now accessible via the Taiwan FamilyMart App and the BitoPro Exchange. This feature allows customers to convert their FamiPoints into digital currencies, such as USDC. Users can easily select the desired amount of FamiPoints for conversion on the Taiwan FamilyMart App and link it directly to their BitoPro account.
Taiwan acknowledges the influential role of loyalty points in a country brimming with convenience stores. According to a 2021 Market Intelligence Consulting Institute (MIC) survey, the significance of “Points Accumulation and Redemption” in retail applications becomes evident.
According to an additional report from MIC, it is revealed that 87% of users actively participate in point accumulation. Moreover, a significant percentage, approximately 99%, frequently utilize these points for product redemptions. The data highlights the indispensable role played by loyalty points in the daily lives of Taiwanese individuals and highlights their significant contribution to the loyalty points economy.
Empowering Taiwan’s Digital Transformation Through ‘Points-to-Crypto
Raagulan Pathy, who serves as the Vice President of Asia Pacific for Circle, expresses excellent enthusiasm regarding the partnership between BitoGroup and Taiwan FamilyMart. The primary objective of this alliance is to empower the Taiwanese community by seamlessly integrating them into the digital economy through the introduction of USDC in the enhanced ‘Points-to-Crypto’ service.
Donghao Liu, the Director of the Digital Finance Department at Taiwan FamilyMart, emphasizes their dedication to improving convenience for members. The simplicity of FamiPoints in accumulation, redemption, and conversion has attracted more than 17 million members across Taiwan. Its enhanced service not only offers a broader range of virtual currencies but also promises a positive impact on the loyalty points economy in Taiwan.
Since 2014, Taiwan FamilyMart and BitoGroup have been at the forefront of enabling cryptocurrency purchases at convenience store locations. This partnership, alongside Circle, BitoGroup, and FamilyMart, signifies a significant shift from physical transactions to seamless online experiences. It not only enhances accessibility to innovative financial tools but also solidifies Taiwan’s position as a leader in the digital economy.
Besides, its service aims to empower consumers by providing them with enhanced options and versatility in utilizing their loyalty points. Additionally, it allows the conversion of points into digital currencies, enabling seamless online purchases and transactions that prioritize speed, security, and cost-effectiveness.
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The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.
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