LoyalCoin announces new cash-in partners in a video update on August 8, 2018.
According to Paolo Bediones, Chief Operating Officer at Appsolutely Inc., users can soon purchase LoyalCoin through 7-Eleven and ECPay. This means users can trade their fiat (Philippine Peso) in LoyalCoin through ECpay outlet partners and 7-Eleven stores nationwide.
Mr. Bediones mentioned that the partnership with ECPay will also allow users to buy prepaid cellphone load and pay utility bills using the LoyalWallet.
ECPay is a payment center, billed as a “one-stop shop” for all payment, top-up, and cash-in services in the Philippines. It counts as partners airlines such as Air Asia, cable providers like Sky Cable, Banks like BPI, and government agencies like POEA, NBI, NSO, PRC, and utilities like Manila Water. The company has more than 150 biller partners in the country.
Previously, LoyalCoin announced a partnership with 7-Eleven but that’s for the convenience store’s Cliqq Kiosks to accept LoyalCoin conversions. This new announcement is an expanded partnership between LoyalCoin and 7-Eleven.
The announcement comes just after the blockchain project has officially launched in South Korea and a South Korean cryptocurrency exchange.
The LoyalWallet, which is now available in Philippines’ Google Play and App Store, currently allows users to redeem Gong Cha, Pizza Studio, and Punta Mandala products in exchange for LYL. A partnership with Grab Philippines allows users to exchange LoyalCoin for Grab Rides Vouchers through the wallet app.
LoyalCoin is a blockchain-based rewards platform that allows merchants and users participate in an ecosystem where loyalcoins are used for rewards (from the merchants) and purchases (from the users). The loyalcoins can be earned when purchasing products from participating merchants, which can then be used to redeem for rewards in other merchants. The platform is built on the NEM blockchain.