EZPOS Holding Singapore, a cloud-based Point of Sale (POS) systems provider that serves thousands of businesses across Southeast Asia, is releasing its own digital currency. Known as the EZToken, this currency will advance the company’s efforts to improve customer loyalty programs while making digital money viable on a global scale.
Founded in 2011, EZ Solution, a subsidiary of EZPOS Holding Singapore has expanded rapidly to provide more than USD $1 billion worth of annual transaction over POS software for more than 10,000 businesses. The company does not limit itself to facilitating payments, but also helps clients attract more customers. In particular, it seeks to enhance clients’ customer loyalty programs, providing them with the tools to reward returning customers without depending on expensive third party services.
Creating its own currency will bolster EZPOS Holding Singapore’s efforts to improve loyalty programs. Clients in its POS network will be able to accept EZTokens for payments, and because customers who hold the currency are likely to be loyal to the network, they can offer them discounts and promotions as a reward for that loyalty. Moreover, because the EZPOS Holding Singapore network is so large and is only likely to keep expanding, the token is likely to be adopted on a global scale, setting the stage for widespread cryptocurrency use.
EZPOS Holding Singapore’s Customer Loyalty Enhancements
To comprehend the EZToken’s full value, it’s first necessary to understand the problems with current customer loyalty programs and how EZPOS Holding Singapore has addressed them. Ever since it was founded, the company noticed the untapped potential of customer loyalty. Shoppers who have bought from a particular brand before are far more likely to buy from it again, giving the company a strong incentive to appeal specifically to them. And it is becoming easier and easier to identify and reward past customers, thanks in large part to the growing popularity of mobile devices. As a result, the loyalty market is projected to be worth USD $6.2 billion by 2023, and could be even larger if businesses can find more effective ways to recognize and reward loyal customers.
Unfortunately, few businesses have taken advantage of this potential, in large part because of the structural barriers to rewarding customer loyalty. Most loyalty programs rely on third-party services to issue loyalty cards or apps and process customer incentives. Such intermediaries charge hefty administrative fees, forcing companies to spend money that they otherwise could have put to customer incentives. As a result, customers do not benefit as much from loyalty programs, and are less likely to take advantage of them.
EZPOS Holding Singapore fixes these problems through the use of blockchain technology. A type of digital ledger that stores information by linking individual pieces of data together, blockchains are virtually invulnerable to outside tampering. This is because if any one part of the data chain is altered, all the other data change along with it.
EZPOS Holding Singapore uses this secure method to design loyalty programs for all businesses in its network. The platform distributes Loyalty Points to clients, who can then distribute them to individual customers. All of the information on who has points and what incentives they are entitled to is then stored in the blockchain, as is any data involved in processing these incentives. This eliminates the need for human administrators to get involved in recording and processing incentives, reducing the cost of the services. This lets merchants offer customers larger loyalty benefits, giving customers more incentive to take advantage of such benefits and stay loyal to the brand.
EZPOS will be launching their ICO on January 1st, 2018. This comes on the heels of a successful presale wherein over 1 Million EZTokens were sold.