Circle, a peer-to-peer payments technology company, joined forces with Taiwan FamilyMart Co. Ltd. and BitoGroup to turn loyalty points into cryptocurrency. The three firms will introduce the innovative "Points to Crypto" service so shoppers at the convenience store can exchange their earned loyalty points for USD Coin (USDC).

The Family Mart chain of stores in Taiwan is currently the second-largest convenience store brand in the country, while BitoGroup is the leading local crypto exchange. Their partnership with the US-based Circle is the issuer of the USDC stablecoin, a tokenized U.S. dollar.

Transforming Loyalty Points Economy in Taiwan

CoinTelegraph reported that Circle will deliver the new "Points-to-Crypto" service on Family Mart's app. With this feature, customers of the said convenience store will easily convert their loyalty points to USDC if they wish to.

Customers can withdraw crypto, amounting to the equivalent of their accumulated FamiPoints, and transfer it to their BitoPro wallets. With what the new service can do, the partnership between Circle, BitoGroup, and Taiwan Family Mart is being seen as a groundbreaking deal that will change the loyalty points system in the region. The program is also expected to encourage the adoption of cryptocurrencies.

Loyalty Points - An Integral Part of Daily Life

The loyalty points system is widely used in Taiwan and has become an essential part of the locals' everyday life. Everywhere you go in this country, there are convenience stores in every corner, so loyalty programs are popular since shoppers can enjoy various perks and discounts for their points. With the growing crypto adoption and high membership rate in loyalty programs, the new "Point to Crypto" service comes to the region at the right time.

"Circle is excited to partner with BitoGroup and Taiwan FamilyMart to champion access to digital currencies in Taiwan, "Circle's vice president of Asia Pacific, Raagulan Pathy, said in a press release. "With the introduction of USDC in the enhanced 'Points-to-Crypto' service, we aim to empower the Taiwanese community to participate in the digital economy seamlessly and support Taiwan's stance in embracing digital fintech innovations."

Taiwan FamilyMart's director of digital finance, Donghao Liu, said, "We are dedicated to further enhancing the value of FamiPoints for our members by continually offering more diverse and convenient avenues for loyalty point utilization. The enhanced service not only introduces a wider range of virtual currencies that FamiPoints can be exchanged for in just two simple steps but also promises to positively impact the loyalty points economy in Taiwan."

Photo by: Clark Gu/Unsplash