British payment institution MoneyTO Ltd, specialising in migrant remittance services, is launching a blockchain-based loyalty programme. The first loyalty tokens are planned to be available for distribution to the customers in December 2019.
The programme is aimed at rewarding customers with the loyalty token, which, once credited on the distributed ledger to the client account, no one, apart from the client himself, would be able to cancel, devalue or tamper with in any way.
The tokens will be pegged to the currency of the country where they are issued.
“The problem with current customer loyalty programmes is that they are prone to manipulation, and as such are quickly losing trust. What we try to achieve is that the client becomes the real owner of the loyalty units earned, and those units or tokens have stable, eternal and redeemable value,” says MoneyTO founder George Piskov, who has more than 25 years of experience in international financial services, and migrant money transfers in particular.
The programme is open to other companies to participate in. It is expected that the Russia-based money transfer powerhouse Unistream Bank will be one of the first adopters.
Unistream was launched back in 2001 by Gagik Zakarian and George Piskov and provided money transfer services to more than 10 million people in the last three years.
The project development team is currently testing the versions of Ethereum blockchain to pilot the programme. Other blockchain platforms are also being reviewed.
A separate entity may be formed to run the programme, subject to the regulatory review.
Online money transfer brand MoneyTO was launched in 2016. The company is a Payment Institution, authorised by the FCA in the United Kingdom and has been passported into all of the EU countries.
Money transfer company Unistream was established in 2001 building on the idea of affordable financial services for everyone. Today Unistream boasts a network of 150,000 service points in 90 countries with more than 300 partners worldwide. The Unistream infrastructure now secures as many as 5,5 million transactions per year. Unistream also successfully develops payment solutions: more than 117,000 customers use Unistream debit card for mobile money transfers and other payments.