Loyyal (an interoperable loyalty and rewards platform powered by a proprietary blockchain) announced on a press release on Oct. 13 that they have completed a successful live pilot program with Emirates Airways. A subset of the airline company’s Emirates Skywards also joined the live pilot program.
The pilot was a success providing real-time visibility into partner transactions. It has also increased efficiency and reduction of errors as a result of the removal of the reconciliation processes.
Emirates Skywards will be able to use this capability to onboard new ‘earn and redemption’ partners. Moreover, this will also provide more relevant options for their 25 million global members. This will help Emirates to onboard new partners cost-efficiently using the common framework and APIs of the Loyyal Product Suite.
Dr. Nejib Ben Khedher (Divisional Senior Vice President, Skywards) commented on the program:
“The pilot was a success, providing real-time visibility into partner transactions as well as increased operational efficiency.”
Long term benefits
Loyyal’s program will also help its clients to save more money in the long term. Furthermore, the settlement between the Emirates Skywards program and its partners will be reduced. Using Loyyal’s proprietary implementation of a distributed ledger, the airline, and all its new partners share this critical information in near real-time.
Greg Simon (CEO and Founder of Loyyal) also commented:
“We are proud to have received the go-ahead from Emirates to finally announce the success of our recent work and the ongoing partnership. Emirates Skywards has shown industry leadership with their desire to innovate and be the first-to-market with this capability. We firmly believe that loyalty programs at large are the “killer app” for blockchain technologies. Throughout the conceptualization phase, the resulting Proof-of-Concept, then Pilot with select members, all the way through to this integration into Production status, we have continued to be inspired by Emirates Airways and the technology community both in Dubai and within the UAE at large, for their ability to act on vision and be the first major airline to work with Loyyal. We look forward to leveraging this implementation to empower additional blockchain-derived benefits for Emirates Airways, with further operational cost-savings, improved customer experiences, and ultimately entirely new ways to reduce the financial liability that large-scale loyalty programs such as Skywards carry”.
Revenue from one of the three global airline alliances
Loyyal has also completed contracted engagements with an airline alliance who has more than 500 million passengers. The ongoing relationship is also a source of revenue.
Success in the Japanese market
Loyyal has been able to leverage off the networks and brands of its new major investors and announced that they have made significant progress in the Japanese market. They were able to onboard investments from notable Japanese investors like Unblock Ventures Limited (a subsidiary of LINE messaging app), Recruit Holdings Co. Ltd., and Monex Group Inc.
They are currently in discussions with LINE in regard to working beyond just an investment. Loyyal is also aiming to launch workshops in Q4 2019 for half a dozen major Japanese global corporations.
Greg Simon (CEO, and Founder of Loyyal) added:
“Japan is one of the largest markets in the world for loyalty and one that Loyyal is uniquely positioned to be the first mover in. Our pipeline is strong, 2020 will be a breakthrough year for us. In regards to completed customer acquisitions, in the past weeks, Loyyal has signed up three new global Earn and Redemption Partners representing over 1,000 brands that are now accessible to any PO that operates on Loyyal’s network.”
Loyyal is doing the funding round at the moment on the BnkToTheFuture platform and giving investors a chance to take part in the wonderful opportunity. Qualified investors can invest here.