American Express has deployed Hyperledger’s blockchain technology to make its Membership Rewards program more versatile, marking the first application of blockchain technology to a major U.S. financial services loyalty program.
Under the revamped program, merchants will be able to create Membership Rewards offers on their own platforms to engage customers and at the same time offer card members more opportunities to earn points.
Rewards On Select Products
American Express is partnering with Boxed, an online wholesale retailer, on a pilot promotion for Membership Rewards enrolled members. Members can earn 5X Membership Rewards points for select products and brands.
American Express will initially provide rewards points to Boxed customers for Cheerios cereal, Planters nuts, Dove soap and a few other items, according to the Associated Press. American Express plans to make the program available to nearly all merchant partners in the coming months.