BITCOIN WHILE YOU BUY

What you need to know about crypto rewards

- JUSTIN ASHER

THE LOYALTY and rewards space is massive. According to recent research, South African loyalty programmes are expected to reach US$512.9 million in value this year before growing to US$857.3 million by 2026.

To date, most loyalty and rewards programmes have taken the form of redeemable points or cashback-but in a further demonstration of its growing utility, a growing number of companies are also offering cryptocurrency rewards.

With the cost of living rising rapidly in countries around the globe, it's likely that crypto rewards will become more commonplace. Retailers and financial service providers will, after all, have to display greater levels of innovation when it comes to attracting and retaining customers.

And what could be more enticing than a rewards programme that gives customers the opportunity to earn over and above a simple accumulation of points or cashback incentives?

Meeting customer expectations 

Before looking at how organisations can best make use of crypto rewards, it's worth digging into why loyalty and reward programmes are so important.

74% of South African consumers use loyalty programmes of some sort. That's up from 67% in 2015.