The “wee” bonus programme allows consumers to redeem bonus points collected through e-commerce in physical retail stores, allowing these brick and mortar stores to benefit from their e-commerce competitors. The company from the St.GallenBodenseeArea is now planning a “worldwide first”, by combining the bonus programme with blockchain technology. This will make it possible to “turbocharge the ‘wee’ marketplace into the next business dimension,” according to a press release.
Thanks to blockchain technology, it will no longer be necessary to rely on intermediaries such as banks for transactions of loyalty and bonus programmes, mobile payments and e-commerce. The technology makes it possible to “quickly and easily open up additional markets”, as well as easily integrate “other loyalty programmes, new points of acceptance and consumers”.
“With our experience and an innovative strategy, we offer the market a completely unique solution,” Leo Schrutt, Chairman of the Board of Directors of both Swiss Fintec Invest AG and weeNexx AG, said in the press release. “Our realistic objective is to create and establish the world’s first totally reliable payment system based on blockchain and equipped with its own invoicing for daily use, thus changing international payment processes in a sustainable way.” weeMarketplace and weeNexx are both under the umbrella of Swiss Fintec Invest.
The online and offline combination of money, virtual currencies and digital bonus programme will enable wee to pursue its European expansion, as will the use of an e-money issuer license, which wee is pursuing with a “well-known bank”. “This e-money license puts us in the position to be able to fully cooperate with the bank,” Schrutt said.