‘Collaboration Announced for Crypto Cashback Program’

Swoo, a mobile wallet that combines traditional and crypto payments, has joined forces with Mastercard to revolutionize loyalty programs for banks, merchants, and payment service providers.

Through Swoo, users can earn crypto cashback in Swoo Loyalty Tokens for each contactless payment made via the app using digitized Mastercard cards. Unlike other crypto platforms, Swoo does not issue its own card but instead allows existing bank cards to be used for mobile contactless payments, offering crypto rewards as an added incentive. This partnership showcases a growing interest among major financial institutions and retailers in incorporating crypto assets into their loyalty programs to modernize and enhance customer engagement.

The success of the initiative can be seen in the January pilot campaign “Super Tokenback with Mastercard,” where users received 5% Tokenback on all Mastercard purchases made through Swoo Pay. Over 17,000 participants made 128,000+ transactions during the three-week campaign, resulting in a 56% increase in card spend and the introduction of new consumers to crypto-backed rewards.

Once users accumulate Tokenback in Swoo Loyalty Tokens, they have the option to convert their rewards into popular cryptocurrencies like USDT or BTC within the Swoo app or cash out to fiat money through partnering services. As Swoo continues to enhance its crypto rewards platform, more Web3 features will be integrated, offering additional utility and value to loyalty tokens.

This program is particularly beneficial for underserved populations in emerging markets and individuals using Android phones who may not have access to traditional payment services. Swoo co-CEO Filipp Shubin emphasized that Swoo Loyalty Tokens facilitate the integration of crypto into mainstream markets, adhering to local regulations and tax terms to simplify the launch and expansion of marketing campaigns aimed at attracting new users.

Mastercard’s Managing Director, Denis Filippov, highlighted the collaboration with Swoo as a way to enhance digital payment options, making payments more convenient, technologically advanced, and secure. Swoo Pay addresses issues related to Tokenized payments for Android users, increasing accessibility and offering innovative incentives to users for their everyday purchases.