In the latest update from the LoyalCoin team, the project announced a major partnership with a ride-sharing company, as well as unveils a bounty program to bring more merchant into its ecosystem.
LoyalCoin and Grab
LoyalCoin announces a partnership with ride-sharing platform Grab at the end of its video update last Friday, July 6, 2018. While no details have been mentioned as to how the mechanics of this partnership will be, Chief Operating Officer Paolo Bediones confirmed that users can “ride” with LYL, suggesting that holders can use the token to get rides on Grab.
From initially being a ride-sharing company, Grab has expanded its business portfolio in Southeast with a slew of new services – ranging from food delivery to financial applications. The startup holds the majority share of the ride-sharing market in the Philippines.
Update July 12, 2018:
“Very soon different Grab Vouchers will be made available on the LoyalWallet. So using your LoyalCoin you can now input said voucher on the Grab App and book your ride, … For now it’s just the vouchers that can be purchased on our LoyalWallet app, this will be ready by August.” – Mr. Paolo Bediones, COO, LoyalCoin
Update July 16, 2018:
LYL holders can now purchase Grab vouchers using LYL. These vouchers can then be used as a promo code in the Grab app for discounts and rides.
Apart from the Grab partnership, Mr. Bediones also announced a bounty program to bring more merchants in the LoyalCoin ecosystem.
The bounty program will reward people who can successfully refer merchants to LoyalCoin. The rewards will vary depending on the merchant’s “tier”:
|LoyalCoin Bounty Program|
|Tiers||Daily Gross Sales||Minimum Transactions Worth||Referral Fee|
|1||Php 3,000 – Php 9,999||50 transactions worth a minimum of Php 100 each||$50 (Php 2,666)|
|2||At least Php 10,000||100 transactions worth a minimum of Php 100 each||$100 (Php 5,333)|
The referrer will get their rewards when they successfully refer tier 1 or tier 2 merchants, provided the merchants hit their targets.
Details of the Grab partnership are set to be revealed soon, as well as the mechanics for other merchant partnerships, such as Cebu Pacific’s GetGo and 7-eleven.
The LoyalCoin team will be in South Korea this July for a meetup event.
Source: LoyalCoin Update here.