Circle, a leading fintech company known for its USDC stablecoin, is set to launch a service in Taiwan that converts loyalty points to stablecoins.
In partnership with Taiwan’s cryptocurrency exchange, BitoGroup, and the prominent convenience store chain, Taiwan FamilyMart, Circle is introducing a ‘Points-to-Crypto’ service.
According to a recent announcement, this collaboration will enable customers to exchange their FamilyMart loyalty points for cryptocurrencies, such as USDC. Notably, the service will be free of transaction charges, ensuring that loyalty points retain their value.
The process is simple: users specify the quantity of ‘FamiPoints’ they wish to convert to their chosen digital currency through the Taiwan FamilyMart App. They then provide their BitoPro account information to receive the equivalent in crypto.
FamilyMart, Taiwan’s second-largest convenience store brand, operates with a loyalty point system called ‘FamiPoints’. Raagulan Pathy, Circle’s VP of Asia Pacific, highlighted that this initiative is designed to seamlessly integrate the Taiwanese populace into the digital economy.
Taiwan’s Loyalty Points Craze
Taiwan stands out as one of the countries with an incredibly high concentration of convenience stores, as indicated by a 2021 survey conducted by the Taiwanese think tank, Market Intelligence & Consulting Institute (MIC).
Their findings highlighted that “87% of consumers actively accumulate points, with a staggering 99% frequently redeeming these points for products.”
BitoGroup, highlighting its dominance in the Taiwanese market, shared that its membership base is approaching 800,000, commanding a significant market presence with nearly 90% market share in Taiwan.
Titan Cheng, the founder and CEO of BitoGroup, commented on the partnership, saying, “In aligning with Circle and FamilyMart, our goal is to widen the USDC ecosystem’s reach and lay the foundation for a strong Web3 framework in Taiwan.”
This collaboration follows closely on the heels of Circle’s recent strategic alliance with Coins.ph, a leading crypto exchange and digital wallet service based in the Philippines.