Incent targets broken economy with blockchain rewards
Australia’s first crypto is seeking to overhaul the loyalty industry and change the way consumers spend, save and build wealth.
Over the past two years, loyalty has emerged as a major use case for blockchain technology, offering efficiencies and entirely new business models. It is an open secret that conventional consumer loyalty is broken, with most rewards schemes offering little value for customers and retailers alike.
Now, Incent – Australia’s first major crypto project, established in 2016 – is ready to target a broken industry with ground-breaking new technology. Incent offers a means for ordinary consumers to save and build wealth as they go about their day-to-day spending – turning their crypto rewards into a meaningful nest egg at a time when millennials and younger generations are struggling with debt and lack of opportunity as never before.
Incent’s flagship product is a platform with a built-in wallet that plugs into bank accounts and other services, seamlessly distributing rewards against spending and other user activity. The product enables users to receive tailored rewards from retailers, while businesses can learn more about their customers’ spending habits on an aggregate basis, allowing ordinary shoppers to monetise a valuable resource: their data.
‘As a crypto token, the openness and fixed supply of Incent means we can actually use it to build wealth through everyday spending – channeling consumer dollars into an asset of holding value that can’t be expired or diluted by the issuer,’ comments Incent CEO and former Naval officer Rob Wilson.
Incent’s advantages are built on two key technologies. The first is blockchain. INCNT is a digital token that can be transferred, traded or held independently of any third parties – unlike conventional rewards, which are carefully controlled by their issuing companies. The INCNT token has been freely available to trade on major crypto exchange Bittrex since early in 2017. For everyday users, the AUSTRAC-registered and patent-pending Incent platform offers a simple and convenient way to access their rewards.
The second major strand is Incent’s custom-built InSync technology, which offers users the ability to sync their bank accounts in a similar way to mainstream accounting software and mobile phone banking apps. The upshot is that issuance of rewards against purchases can be absolutely seamless, with crypto tokens automatically credited to the customer’s Incent account. ‘And it’s all without the need for any plastic loyalty cards, new point-of-sale terminals or any other retailer infrastructure,’ explains Jins Kaduthodil, Incent’s co-founder and Head of Product. ‘There is literally zero friction for businesses or consumers.’
Incent’s waiting list is currently live, with full launch planned for July. Consumers will be rewarded in Incent tokens on every spend they make. To find out more, visit www.incent.com.