Mastercard and Swoo Fill the Gap Crypto Rewards Target Unserved Populations

Mastercard and Swoo Fill the Gap Crypto Rewards Target Unserved Populations

Feb 20 Tech Standard

Mastercard and Swoo Pay are teaming up to offer crypto rewards in emerging markets, aiming to plug the gap left by players like Google Pay. This partnership taps into the growing trend of crypto loyalty programs, but with a distinct focus on regions often overlooked by major tech giants.

The program isn't entirely new - both Mastercard and Visa have dabbled in crypto rewards before. However, this collaboration specifically targets areas like Africa and Southeast Asia, where billions of individuals have credit cards but lack access to popular payment apps. Additionally, it caters to users of Huawei smartphones, which lack Google services due to US sanctions.

Mastercard acts as the ultimate backer of the Swoo tokens, allowing users to convert them to other cryptocurrencies or stablecoins. A successful pilot in January saw 17,000 participants embrace the 5% crypto cashback scheme, demonstrating potential.

This partnership highlights several key takeaways:

Emerging markets represent significant opportunities Companies are increasingly recognizing the vast potential in developing regions, where financial inclusion remains a challenge.

Crypto integration continues Although some early ventures have stumbled, the interest in using crypto for loyalty programs and rewards is still strong.

Filling the gaps Collaborations like this can address gaps in existing payment ecosystems, reaching populations often excluded from mainstream solutions.

As Mastercard and Swoo move forward, it will be interesting to see how their program fares in diverse emerging markets. Their success could pave the way for further crypto integration and financial inclusion in previously underserved regions.


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