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McDonald’s in the Philippines has partnered with LoyalCoin to provide a cryptocurrency-based rewards program for customers. Now, users of the app can earn crypto on transactions at McDonald’s and spend it on rewards.
On Mar. 18th, another restaurant has entered the cryptocurrency fray. Mcdonald’s in the Philippines has partnered with LoyalCoin to provide crypto-rewards for customers. Just for signing up to the service users will even get a free burger. LoyalCoin is a blockchain-based customer loyalty rewards program. The company differentiates itself by claiming that by using blockchain technology it makes it possible to use “points on more than just redeeming rewards and perks from your favorite brands.” Users of the platform earn LoyalCoin by purchasing goods and services from brands that issue the cryptocurrency as customer rewards. Users can also purchase LoyalCoin directly from exchanges such as Cryptopia and NemChange. That said, it’s uncertain how the platform plans to ensure customer loyalty to a particular brand. If the coin can be purchased and cross-redeemed, clever customers could purchase LoyalCoin over an exchange and use it to game the rewards system. Users can also convert LoyalCoin to cash by exchanging it for Bitcoin or another crypto, raising questions over how the program differs from cash-back. Nonetheless, it seems that retailers are paying attention to the impact of crypto and are looking to find different ways to integrate the technology. Other major companies, like Starbucks, are exploring ways to accept in-store payments in crypto, and with greater utility comes a greater potential for adoption.
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