FamilyMart members who have BitoPro accounts would be able to convert their loyalty points into USDC stablecoins instead of discarding them.
Global fintech company Circle has initiated a strategic partnership with Bito Group and Taiwan FamilyMart to launch a ‘Points-to-Crypto’ service that allows customers to convert FamilyMart loyalty points to USDC.
Bito Group operates one of the largest exchanges in Taiwan, which accounts for more than 90% of the Taiwan crypto market, and Taiwan FamilyMart is the nation’s second-largest convenience store chain. Through the tripartite, FamilyMart members will be able to convert their loyalty points into cryptocurrencies like USDC on the Taiwan FamilyMart App, while adding their BitoPro account to receive the digital assets.
The service prevents users from losing the value of their loyalty points over time, and it increases access to cryptocurrencies by removing transaction fees from the process.
“Circle is excited to partner with BitoGroup and Taiwan FamilyMart to champion access to digital currencies in Taiwan, “ said Raagulan Pathy, Vice President of Asia Pacific for Circle. “With the introduction of USDC in the enhanced ‘Points-to-Crypto’ service, we aim to empower the Taiwanese community to participate in the digital economy seamlessly and support Taiwan’s stance in embracing digital fintech innovations.”
According to the Market Intelligence & Consulting Institute (MIC) in Taiwan, “Points Accumulation and Redemption” ranked as the most pragmatic feature among four major retail app functions in their 2021 consumer behaviour survey. A separate Mobile Payment Consumer Survey report by MIC in 2021 also showed that 87% of users engage in points accumulation, with an overwhelming 99% of them utilising points often for product redemptions.
Titan Cheng, the founder and CEO of BitoGroup, reaffirms the organisation’s commitment to facilitate the transition from Web2 to Web3 “The enhanced iteration of the Points-to-Crypto service on the BitoPro Exchange introduces unprecedented flexibility, versatility and empowerment through loyalty points conversion. Through our strategic collaboration with Circle and FamilyMart, we aspire to expand the USDC ecosystem and build a robust Web3 infrastructure in Taiwan.”
Since 2014, Taiwan FamilyMart and BitoGroup’s allowed customers to purchase Bitcoin at convenience store across the nation. This partnership marks another significant milestone in supporting access to innovative financial tools and highlighting Taiwan’s position as a leader in the digital economy.
Donghao Liu, Director of Digital Finance Department, Taiwan FamilyMart emphasised that this affirms Taiwan FamilyMart’s commitment to offering the maximum convenience to its members. “We are dedicated to further enhancing the value of FamiPoints for our members by continually offering more diverse and convenient avenues for loyalty point utilisation. The enhanced service not only introduces a wider range of virtual currencies that FamiPoints can be exchanged for in just two simple steps, but also promises to positively impact the loyalty points economy in Taiwan.”
Circle has been busy establishing partnerships and launching new products, especially the recent launch of its two new products, Gas Station and Smart Contract Platform, and its partnerships with Coins.ph and Grab.