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After acquiring Taiwan’s startup Cybavo, Circle, a global fintech unicorn, has made new attempts on the island. It has forged a strategic partnership with BitoGroup, Taiwan’s leading cryptocurrency market leader, and Taiwan FamilyMart, the nation’s second-largest convenience store chain, to expand the utility of loyalty points.
A thriving convenience store loyalty program has evolved into a cornerstone of daily life in Taiwan. The partnership is delivering a new ‘Points-to-Crypto’ service on the Taiwan FamilyMart App and the BitoPro Exchange, which allows customers to convert their FamilyMart loyalty points, called FamiPoints, into digital currencies like USDC.
Customers can indicate the amount of FamiPoints they would like to convert to their desired digital currency on the Taiwan FamilyMart App and include their BitoPro account details to receive them. Converting FamiPoints into USDC prevents a loss of value in loyalty points over time and incurs zero transaction fees, democratizing access to cryptocurrencies.
Taiwan boasts one of the world’s highest densities of convenience stores. According to the Market Intelligence & Consulting Institute (MIC) in Taiwan, "Points Accumulation and Redemption" ranked as the most pragmatic feature among four major retail app functions in their 2021 consumer behavior survey. A separate Mobile Payment Consumer Survey report by MIC in 2021 also showed that 87% of users engage in points accumulation, with an overwhelming 99% of them utilizing points often for product redemptions. This underscores the integral role of loyalty points in the daily lives of the Taiwanese and highlights the consumption potential embedded within the loyalty points economy.
“Circle is excited to partner with BitoGroup and Taiwan FamilyMart to champion access to digital currencies in Taiwan, “ said Raagulan Pathy, Vice President of Asia Pacific for Circle. “With the introduction of USDC in the enhanced ‘Points-to-Crypto’ service, we aim to empower the Taiwanese community to participate in the digital economy seamlessly and support Taiwan’s stance in embracing digital fintech innovations.”
With a membership base nearing 800,000 and a commanding market share of close to 90% in Taiwan, BitoGroup operates an array of services including BitoPro (a cryptocurrency exchange), BELS (an NFT empowerment platform), and O2 META (a metaverse-focused social media platform). "Through our strategic collaboration with Circle and FamilyMart, we aspire to expand the USDC ecosystem and build a robust Web3 infrastructure in Taiwan.” said Titan Cheng, the founder and CEO of BitoGroup.
On the other hand, Taiwan FamilyMart's FamiPoints have attracted over 17 million members nationwide due to their simplicity in accumulation, redemption, and conversion.Donghao Liu, Director of the Digital Finance Department, at Taiwan FamilyMart stated, "We are dedicated to further enhancing the value of FamiPoints for our members by continually offering more diverse and convenient avenues for loyalty point utilization. The enhanced service not only introduces a wider range of virtual currencies that FamiPoints can be exchanged for in just two simple steps but also promises to positively impact the loyalty points economy in Taiwan."
Since 2014, Taiwan FamilyMart and BitoGroup’s pioneering service allowed customers to purchase Bitcoin at convenience store locations across the nation, setting a global record for the most extensive physical network for cryptocurrency purchases. This partnership between Circle, BitoGroup, and FamilyMart not only marks a transition from physical convenience store locations to seamless online experiences but is also another significant milestone in supporting access to innovative financial tools.
©2024 Business Next Media Corp. All Rights Reserved. No.102, Guangfu S. Rd., Da'an Dist., Taipei City 106, Taiwan