Peer-to-peer cryptocurrency and blockchain platform NEM said that its partner LoyalCoin had joined with Grab Philippines to allow passengers of the ride-hailing company to use LoyalCoin to pay for rides using Grab.
NEM announced the partnership in a Twitter post on 06 July saying:
“We’re delighted to announce the new partner of @LoyalCoin — @grabph #Loyalcoin #Grab $LYL”
The post quickly met with a positive reaction from crypto enthusiast De_Vi_L_uCa_s who commented:
“Wow, this is big. I believe this can bring NEM to a whole another level.”
In an interview with Cryptovest, Paolo Bediones COO of Appsolutely, the creator of LoyalCoin, said the agreement between Grab Philippines and LoyalCoin would benefit the riding public while educating them about blockchain and cryptocurrency.
“Very soon different Grab Vouchers will be made available on the LoyalWallet. So using your LoyalCoin you can now input said voucher on the Grab App and book your ride.”
“For now its just the vouchers that can be purchased on our LoyalWallet app, this will be ready by August.”
Earn points while flying
In May, Appsolutely also partnered with Cebu Pacific, which integrates LoyalCoin with the carrier’s GetGo lifestyle rewards program. Under the deal, GetGo card users can convert their LoyalCoin to GetGo points using the LoyalWallet app at a rate of 1.20 LYL = 1 GetGo point.
"The partnership is a natural response to our mutual commitment to help consumers maximize the rewards they earn from their purchases," said Appsolutely CEO Patrick Palacios.
“Building a strong loyalty economy means making redemption and transactions easier for industries that generate demand among its customers. Through our technology, we hope to influence more people to experience the convenience and practicality created by a digitally-integrated loyalty ecosystem. Teaming-up with Cebu Pacific helps showcase LoyalCoin within the travel industry which continues to grow thanks to the Pinoy’s penchant for traveling," Palacios added.
Nik Laming, Loyalty Divisions general manager for Cebu Pacific, said the partnership provides GetGo members an even more extensive network to earn more points which they can use to redeem free flights with Cebu Pacific. He added LoyalCoin could bring more value to its members.
“We both strive to give users full control of how they want to make use of their points. Through the LoyalWallet application, users can easily convert their points without having to go through an additional third party, such as calling customer service.”
The NEM blockchain was officially launched in March 2015 with the aim of providing solutions for enterprise with its vision that technology should be used and adopted outside of the box. NEM claims that its smart contract plugins enable its blockchain engine to power private and public networks.