Circle, BitoGroup and Taiwan Familymart Launch ‘Points-to-Crypto’ Service
Circle, BitoGroup, and Taiwan Familymart join forces to launch ‘Points-to-Crypto' service in Taiwan. The ‘Points-to-Crypto' service enables the conversion of FamilyMart's FamiPoints into digital currencies such as USDC. The partnership empowers Taiwanese society to embrace digital fintech innovations.
A new partnership between Circle Internet Financial, BitoGroup and Taiwan Familymart is set to transform the Loyalty Points economy in Taiwan, making it more accessible and useful for consumers while increasing the adoption of cryptocurrencies.
In Taiwan, the Loyalty Points ecosystem has become an integral part of everyday life, especially in the nation's densely populated convenience stores. According to Taiwan-based Market Intelligence and Consulting Institute (MIC), the accumulation and redemption of loyalty points are highly valued by consumers. In the year By 2021, 87% of consumers are engaged in points accumulation, with 99% frequently redeeming points for products. This highlights the importance of loyalty points in the Taiwan market.
Point-to-crypto service and loyalty points industry
Circle Internet Financial, a global fintech company, has partnered with Taiwan's leading cryptocurrency market leader BitoGroup and Taiwan's Familymart, the country's second largest convenience store chain, to increase the value and accessibility of loyalty points.
This partnership introduces a new ‘Points-to-Crypto' service on the Taiwan FamilyMart app and the BitoPro exchange. Customers can now exchange their FamiPoints loyalty points, known as FamiPoints, into digital currencies such as USDC, a stable coin issued by Circle. Notably, this conversion process avoids the loss of value that Loyalty Points can experience over time and comes with zero transaction fees, making it easier and more cost-effective for consumers to enter the world of cryptocurrencies.
The main objective of the collaboration is to enable Taiwanese society to participate seamlessly in the digital economy and embrace digital fintech innovations. By integrating USDC with a ‘Points-to-Crypto' service, this partnership aims to provide convenience and services to the Taiwanese market.
BitoGroup, a company with nearly 800,000 members and a major market share, operates a variety of services, including BitoPro (a cryptocurrency exchange), BELS (an NFT leverage platform) and O2 META (a metaverse-based social media platform). This partnership will not only facilitate the transition from physical to online experiences, but also promote the Web3 era as Taiwan becomes a leader in the digital economy.
With over 17 million members, Taiwan Familymart is committed to continuously increasing the value of FamiPoints and providing more diverse and convenient ways to use loyalty points. This collaborative effort will introduce a wider range of virtual currencies for which FamiPoints can be exchanged, positively impacting Taiwan's loyalty point economy.