The first Bitcoin rewards application Lolli has entered into a partnership with Safeway- largest US-based supermarket chain. Through this partnership, they seek to return 3.5 percent Bitcoin to customers on their entire shopping.
A blog post of July 25th revealed the new collaboration of Safeway and a subsidiary of Albertsons companies which runs 894 places across 17 states of the US.
The system will return bitcoin to customers in Satoshis (sats). Satoshis is the smallest unit of digital currency stored on the blockchain. It is one hundred millionth of a single bitcoin.
Co-founder and CEO of Lolli, Alex Adelman during an interview with Yahoo Finance mentioned that by collaborating with one of the leading food retailers in the US, will offer people the opportunity to participate in having or maintaining the top cryptocurrency Bitcoin, and for the very first time.
Adelman further stated that in the early days of Bitcoin, initially the digital currency was considered to be used as a payment platform, his opinion is that acquiring Bitcoin currency would be “the first wave that gets Bitcoin in the hands of the masses.”
In comparison to loyalty cards- the traditional fiat currency of retailers, Adelman discussed that digital currency was a great store of value, by comparing the digital currency to a bank saving account, the long-time owners could receive a good return.
Adelman further mentioned,
Points, as you know, are deflationary, and Bitcoin is non-deflationary, so I think it’s a better store of value than an arbitrary points system.
Cryptocurrency enhances the value of loyalty programs
Numerous projects have included cryptocurrency and blockchain technology to retailer’s traditional point systems and continue to integrate them into their systems. Recently a blockchain startup company Long Blockchain headquartered in New York and China Union Pay has integrated these emerging technologies in collaboration with the IBM tech giant firm.
Earlier in 2019, a crypto source revealed that Lolli – the bitcoin rewards shopping app had included Hotels.com- leading online hotel booking service provider to its associates. Hotels.com lists more than 325,000 assets across 19,000 positions in the world.