- Circle, BitoGroup, and Taiwan FamilyMart join forces to launch a ‘Points-to-Crypto’ service in Taiwan.
- ‘Points-to-Crypto’ service allows for the conversion of FamilyMart’s FamiPoints into digital currencies like USDC.
- The partnership empowers the Taiwanese community to embrace digital fintech innovations.
A groundbreaking partnership between Circle Internet Financial, BitoGroup, and Taiwan FamilyMart is set to transform the loyalty points economy in Taiwan, making it more accessible and valuable for consumers while advancing the adoption of cryptocurrencies.
In Taiwan, the loyalty points ecosystem has become an integral part of daily life, particularly in the context of the nation’s high-density convenience stores. According to the Market Intelligence & Consulting Institute (MIC) in Taiwan, loyalty points’ accumulation and redemption are highly valued by consumers. In 2021, 87% of users engaged in points accumulation, with 99% of them frequently redeeming points for products. This underscores the importance of loyalty points in the Taiwanese market.
Points-to-Crypto Service and the loyalty points industry
To enhance the value and accessibility of loyalty points, Circle Internet Financial, a global fintech company, has partnered with BitoGroup, Taiwan’s leading cryptocurrency market leader, and Taiwan FamilyMart, the nation’s second-largest convenience store chain.
This partnership introduces a new ‘Points-to-Crypto’ service on the Taiwan FamilyMart App and the BitoPro Exchange. Customers can now convert their FamilyMart loyalty points, known as FamiPoints, into digital currencies like USDC, a stablecoin issued by Circle. Notably, this conversion process eliminates the loss of value that loyalty points can experience over time and comes with zero transaction fees, making it easier and more cost-effective for consumers to venture into the world of cryptocurrencies.
The collaboration’s primary goal is to empower the Taiwanese community to seamlessly participate in the digital economy and embrace digital fintech innovations. By integrating USDC into the ‘Points-to-Crypto’ service, this partnership aims to offer convenience and utility to the Taiwanese market.
BitoGroup, a company with nearly 800,000 members and a dominant market share, operates a range of services, including BitoPro (a cryptocurrency exchange), BELS (an NFT empowerment platform), and O2 META (a metaverse-focused social media platform). This partnership not only signifies a transition from physical to online experiences but also reinforces Taiwan’s position as a leader in the digital economy, advancing the Web3 era.
Taiwan FamilyMart, with over 17 million members, is committed to continually enhancing the value of FamiPoints and offering more diverse and convenient avenues for loyalty point utilization. This collaborative effort introduces a wider range of virtual currencies that FamiPoints can be exchanged for, positively impacting the loyalty points economy in Taiwan.