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Fintech leader Circle has entered into a groundbreaking collaboration with BitoGroup and Taiwan FamilyMart, aimed at introducing a revolutionary 'Points-to-Crypto' service.
FREMONT, CA: In Taiwan, a popular convenience shop loyalty program has become an essential part of everyday existence. A new service named "Points-to-Crypto" is being provided by the partnership on the BitoPro Exchange and the Taiwan FamilyMart App. It enables users to convert their FamiPoints, or FamilyMart loyalty points, into digital currencies like USDC.
On the Taiwan FamilyMart App, users can choose how many FamiPoints they want to convert to their preferred digital currency and receive them by providing their BitoPro account details. Converting FamiPoints into USDC may increase everyone's access to cryptocurrencies and avoid the gradual loss of value with loyalty points over time.
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One of the most significant concentrations of convenience stores worldwide is found in Taiwan. In a survey of consumer behaviour conducted, the Market Intelligence & Consulting Institute (MIC) in Taiwan found that "Points Accumulation and Redemption" was the most practical feature out of four primary retail app functionalities. According to a different report from MIC, 87 per cent of users accumulate points, and 99 per cent of them frequently utilise their points to redeem products. This demonstrates the crucial significance that loyalty points play in Taiwanese daily life as well as the consuming potential that exists inside the loyalty point economy.
BitoGroup, which has about 800,000 users and nearly 90 per cent of the Taiwanese market, offers various services, including the cryptocurrency exchange BitoPro, the NFT empowerment platform BELS, and the metaverse-focused social media platform O2 META. Conversely, Taiwan FamilyMart's FamiPoints have drawn in over 17 million members countrywide because they are easy to accrue, redeem, and convert. The improved service promises to have a good effect on Taiwan's loyalty point economy in addition to offering a greater variety of virtual currencies that FamiPoints can obtain in two easy steps.
Customers have been able to purchase Bitcoin at convenience stores all around the country owing to Taiwan FamilyMart and BitoGroup's innovative service, which broke the record for the largest physical network for cryptocurrency purchases worldwide. In addition to signalling the shift from physical convenience stores to seamless online experiences, this partnership between Circle, BitoGroup, and FamilyMart also represents a critical turning point in facilitating access to cutting-edge financial instruments.
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