Snipp to Partner With Leading Loyalty Blockchain Provider, LoyalCoin
19 December 2017 - 11:00PM
TORONTO, Dec. 19, 2017 (GLOBE NEWSWIRE) -- Snipp
Interactive Inc. ("Snipp" or the “Company”) (OTCQB:SNIPF)
(TSX-V:SPN), a global provider of digital marketing promotions,
rebates and loyalty solutions, today announced that it has signed a
Memorandum of Understanding (MOU) with Appsolutely Inc.
(“Appsolutely”) to explore ways to incorporate its LoyalCoin
loyalty solution (https://loyalcoin.io) into Snipp’s suite of
products. LoyalCoin is the digital currency in a next generation
Blockchain based platform that allows consumers to use a single
currency to redeem and exchange rewards from any participating
brand. This represents an evolutionary change in the way that
loyalty programs can be administered.
By using a virtual currency, LoyalCoin is
attempting to transform the current loyalty landscape into a
cryptocurrency-based rewards system, thereby creating an open
loyalty ecosystem that gives consumers unprecedented freedom in
where they can redeem the rewards they have earned.
LoyalCoin (LYL) is the token that serves as the official virtual
currency of the new system.
Under this MOU, the companies are exploring a
partnership to bring LoyalCoin to Snipp’s North American and EU
clients. Within that collaboration, Snipp plans to provide
LoyalCoin as a reward within the SnippReward store and incorporate
LoyalCoin into future Snipp-run incentive programs. As the platform
gains traction, Snipp intends to implement a layer of
interoperability between the incentive programs within its system
that use the LoyalCoin Blockchain and also utilize this
infrastructure to potentially launch its own vertical industry
focused coalition programs.
The power of the Blockchain provides a type of
reward portability that has previously not been seen in the loyalty
and promotions industry; and has the power to disrupt many other
legacy verticals within the space. This includes couponing, an area
in which Snipp has not been a player to date. In addition, the
company is considering replacing its current on-pack pin-based
infrastructure with a Blockchain based solution. By moving to such
a system, Snipp will be the first company to enable “code on pack”
type programs with zero fraud, a huge concern for both
manufacturers and retailers. Annual merchandise return fraud and
abuse is estimated between $9.1 billion and $15.9 billion for the
US retail industry per the estimates of the National Retail
Federation today.
“Companies that provide any kind of monetary or
value-based system of digital transfer are quickly realizing that
Blockchain is an essential part of their future,” explained Atul
Sabharwal, CEO of Snipp. “To be able to partner with one of the
leaders in loyalty Blockchain at this early stage gives Snipp the
opportunity to be at the forefront of this disruptive technology.
We are uniquely positioned to help our Fortune 500 clients benefit
from the Blockchain to further achieve their marketing objectives
and reduce fraud. Partnering with LoyalCoin will give our clients
the benefit of having easy access to this new technology as part of
their toolset, all from an existing and trusted provider in
Snipp.”
“We are attempting to create a unified customer loyalty
ecosystem, but to achieve that, we need to team with partners who
have an established footprint in the loyalty industry,” said
Patrick Paul Palacios, Founder and CEO of Appsolutely. “We are very
excited to begin working with Snipp to introduce LoyalCoin to
brands for the first time. LoyalCoin gives consumers the ability to
earn rewards from multiple brands, then choose where those rewards
are spent. This represents an important new way to drive consumer
loyalty. We look forward to our collaboration with Snipp as we
enter this digital chapter in the evolution of the loyalty
space.”
About Snipp:
Snipp is a global loyalty and promotions company
with a singular focus: to develop disruptive engagement platforms
that generate insights and drive sales. Our solutions include
shopper marketing promotions, loyalty, rewards, rebates and data
analytics, all of which are seamlessly integrated to provide a
one-stop marketing technology platform. We also provide the
services and expertise to design, execute and promote client
programs. SnippCheck, our receipt processing engine, is the market
leader for receipt-based purchase validation; SnippLoyalty is the
only unified loyalty solution in the market for CPG brands. Snipp
has powered hundreds of programs for Fortune 1000 brands and
world-class agencies and partners.
Snipp is headquartered in Toronto, Canada with
offices across the United States, Canada, Ireland, Europe, and
India. The company is publicly listed on the OTCQB, of the OTC
market in the United States of America, and on the Toronto Stock
Venture Exchange (TSX) in Canada. Snipp was selected to the TSX
Venture 50®, an annual ranking of the strongest performing
companies on the TSX Venture Exchange, in 2015 and 2016. SNIPP IS
RANKED AMONGST THE TOP 500 FASTEST GROWING COMPANIES IN NORTH
AMERICA On Deloitte’s 2017 Technology Fast 500™ List, for the
second year in a row.
About LoyalCoin:
LoyalCoin is the Blockchain backed solution that
enables brands and consumers to connect and transact more
effectively via customer loyalty programs. The company provides a
suite of Blockchain offerings that enable brands to increase their
impact with customers and empower them with rewards that are easy
to own, manage, and redeem in a scalable environment. LoyalCoin is
a global company that partners with brands in every region of the
world to achieve maximum return from their loyalty programs.
Visit www.loyalcoin.io and read the whitepaper to
see how LoyalCoin will change loyalty programs as we know them.
LoyalCoin is created by Appsolutely (www.appsolutely.ph), a leader
in customer loyalty apps since 2013.
FOR FURTHER INFORMATION PLEASE CONTACT:
MKR Group, Inc.
Todd Kehrli / Mark Forney
snipp@mkr-group.com
Snipp Interactive Inc.
Jaisun Garcha
Chief Financial Officer
investors@snipp.com
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