Circle collaborates with BitoGroup and Taiwan FamilyMart to enhance their 'Points-to-Crypto' offering, setting new standards in Taiwan's digital transition.
In Brief
Circle has joined forces with BitoGroup and Taiwan FamilyMart to provide an enhanced 'Points-to-Crypto' service, paving the way for Web3 advancements in Taiwan.
In Taiwan Loyalty programs in convenience stores have become deeply embedded in everyday life in Taiwan. With a clear recognition of the substantial value present in this loyalty points ecosystem, Circle, a major player in global fintech, has collaborated with BitoGroup, a key player in the Taiwanese cryptocurrency market, along with Taiwan FamilyMart, one of the most recognized convenience store brands in the country. FamilyMart This groundbreaking initiative is seamlessly integrated into the Taiwan FamilyMart app, allowing users to convert their FamiPoints into digital currencies, notably USDC.
Users have the freedom to choose how many FamiPoints they want to convert into their preferred digital currency directly within the FamilyMart app, simply entering their BitoPro account details to complete the exchange. BitoPro Exchange One of the key benefits of this conversion is the protection against potential decreases in the value of loyalty points, further enhanced by the absence of transaction costs. This initiative serves as a guiding light towards inclusivity and facilitates easier access to the world of cryptocurrency.
The impressive density of convenience stores across Taiwan highlights their significant role in the local economy. Recent insights from the Market Intelligence & Consulting Institute (MIC) emphasize that a substantial portion of consumers actively collect and redeem these points, accentuating the considerable consumer power locked within the loyalty points system.
Raagulan Pathy, Circle's VP for Asia Pacific, conveyed the company’s excitement regarding this partnership. He stressed that the incorporation of USDC into the upgraded 'Points-to-Crypto' service would smoothen the transition of Taiwanese citizens into the digital financial landscape.
Why Loyalty Points Matter in Taiwan
Reflecting similar views, Titan Cheng, head of BitoGroup, affirmed their determination to transition users from a Web2 experience to a more expansive Web3 realm, ensuring that both businesses and individuals can benefit. He described the improved 'Points-to-Crypto' service available on the BitoPro Exchange as a groundbreaking development, enhancing user autonomy through loyalty points conversion.
With BitoGroup's large user base and diverse offerings, the collaboration with Circle and FamilyMart is poised to strengthen the USDC ecosystem and fortify the Web3 infrastructure in Taiwan.
Similarly, Donghao Liu from Taiwan FamilyMart emphasized the company's commitment to refining the user experience. The FamiPoints system boasts an impressive membership of 17 million, showcasing its effectiveness. Liu articulated their ongoing efforts to enhance the inherent value of FamiPoints, constantly exploring new ways to broaden and simplify how they can be used.
Taiwan FamilyMart and BitoGroup have been innovators in the digital space, having previously enabled Bitcoin transactions in physical locations throughout Taiwan.
This new alliance signifies a shift from traditional in-store transactions to a more dynamic online atmosphere. It underscores Taiwan's ambition to lead in digital innovation, further solidifying its status as Asia's top Web3 center.
Taiwan: The Digital Vanguard
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Nik is a seasoned analyst and writer for Metaverse Post, focused on providing cutting-edge insights into the fast-evolving tech landscape, with particular attention to AI/ML, XR, VR, on-chain analytics, and blockchain advancements. His writings engage and educate a wide range of readers, helping them navigate the fast-paced world of technology. With a Master’s degree in Economics and Management, Nik has a thorough understanding of the business milieu and its intersection with emerging technologies.
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