Glance Technologies Inc. (OTCQB: GLNNF) (CSE: GET) is now looking to integrate a loyalty rewards program with its proposal of a decentralized loyalty marketplace by using its own currency, Glance Coin.
The mobile payment solutions company also offers its own app, known as Glance Pay. The application allows users to choose areas to dine, order goods and services, make payments and interact with merchants.
Now, the Company will integrate its own rewards program with the app. Glance will offer a loyalty rewards program where consumers can pay merchants for products and in return receive the cryptocurrency.
“Electronic payment systems are all tied into loyalty reward incentive programs that are designed to motivate customers to keep on coming back,” says Desmond Griffin, Chief Executive Officer at Glance Technologies. “But consumers are finding that loyalty programs aren’t providing them with the incentives they want or making it easy to spend their rewards in a way that’s meaningful to them. We believe that we can take the friction out of the loyalty program space by developing a blockchain platform for both rewards and payments.”
Glance Coin will be based off of Ethereum’s technology. The coin will use a smart contract blockchain technology, which will allow merchants to offer the coin as an incentive to its consumers. Once earned, the coins will be deposited into the users’ digital wallets.
The blockchain technology allows users to remain anonymous from merchants, making payments and transfers confidential. The technology also adds on a layer of security, protecting users against fraud or theft.
The smart contracts are also automated, which mean that companies cannot devalue or cancel the points they’ve already been issued. Also, because it is decentralized, the coin cancels out third-party transaction fees.
Glance says that the new development is part of its core business as well as its technology offering, not just a cryptocurrency add-on to its services.
“We’re not an iced tea company or a mining company that’s changing our name,” says Jonathan Hoyles, Chief Commercial Officer and General Counsel with Glance. “We are building a technology that solves real issues for consumers and merchants.”
Glance Coin will not just be an incentive-based reward. The coin will also allow users to exchange it for another currency, gift to others or even spend it at another merchant.
Glance will roll out the new token by initially scaling up the system and then allow third-party developers to integrate both Glance Payments and Glance Coin into their platforms, allowing the coin to expand even further.
“We’re at the intersection of mobile payments, mobile marketing, consumer loyalty and crypto assets,” said Angela Griffin, Chief Technology Officer at Glance. “Each of these industry verticals are at a different stage of growth and evolution. They’re also facing various growing pains. Glance Technologies is bringing them all together and addressing the friction that has previously prevented them from being harnessed in unison.”
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