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Swoo offers crypto cashback on everyday purchases

Swoo, a mobile wallet blending traditional and crypto payments, has teamed up with Mastercard to reinvent loyalty programs for banks, merchants, and payment service providers.

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Swoo is offering an alternative method of crypto cashback in Swoo Loyalty Tokens for every contactless payment made via the app with digitized Mastercard cards. Unlike other crypto players, Swoo is not issuing their our own card, but instead enabling existing bank cards for mobile contactless payments and providing additional value to them with crypto rewards. The move is an indication of interest on the part of major financial players and retailers to participate in crypto assets. For them, programs like this can help update flagging loyalty programs, which have stagnated in the past decade amid low client retention and redemption rates, delays, and high costs of implementation. For customers, the program provides a user-friendly introduction to crypto assets without the need to commit to an investment.

The partnership builds on the success of a January pilot campaign “Super Tokenback with Mastercard.” For three weeks, users received 5% Tokenback (crypto cash back) on all Mastercard purchases made through Swoo Pay. During this time, over 17,000 participants made 128,000+ transactions, increasing card spend by 56% and introducing new consumers to crypto-backed rewards.

Once users earn Tokenback in Swoo Loyalty Tokens, they can either swap their rewards for popular cryptocurrencies like USDT or BTC in the Swoo app or cash out to fiat money via partnering services. As Swoo develops its crypto rewards platform, more Web3 features will be supported, unlocking additional utility and value for loyalty tokens within the ecosystem.

The program is especially important for people who have been traditionally underserved by “pay” services: those in emerging markets and those with Android phones.

“Swoo Loyalty Tokens seamlessly integrate crypto into mainstream markets, complying with local regulations and enjoying favorable tax terms, simplifying the launch and scalability of marketing campaigns to attract new users,” said Swoo co-CEO Filipp Shubin. “Through Swoo’s contactless payments and crypto rewards, millions of consumers in emerging markets will be introduced to the crypto ecosystem as Swoo expands globally.”

Denis Filippov, Managing Director at Mastercard, added, “Mastercard is constantly expanding the possibilities of using digital payment instruments in order to make the process of payments as convenient, technologically advanced and safe as possible. Swoo Pay solves issues with Tokenized payments for Android device users, making them more accessible, and our collaboration is designed to provide additional innovative incentives for Swoo users in making everyday purchases.”

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