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Credit Cards, Rewards and Blockchain

Getting extra points or cash-backs when one swipes cards for fuel, travel, hotels etc. is not a surprise anymore. But blockchain and AI can be soon making these rewards deeper and smarter.

Card-industry players were struggling with ways to target individual items on a store’s shelf as merchants’ inventory systems varied from company to company.

But AmEx has found respite in a blockchain technology developed by Hyperledger that allows it generation of product-targeted offers without any need for merchants to shuffle inventory management systems. Now it is on a pilot that will allow merchants to reward customers for purchasing specific items at their stores.

HSBC is not far behind, with a pilot program already rolled earlier this year for sending marketing emails to 75,000 customers using algorithms.

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