BMW, the German carmaker, has announced the launch of its blockchain-based reward app for its Korean market. The new reward program would reward the users for their purchases, redeemed for various discounts. The carmaker also revealed that the program could be launched globally based on the Korean market’s feedback.
The reward program would be called BMW Vantage and would be a membership-based program where users would be rewarded with points for their purchases, which could be redeemed for services or discounts on products.
As per the reports from a local daily, the first time and new buyers of BMW vehicles could earn anywhere from 300,000 to 900,000 points per purchase. This includes those purchasing a used car that would also receive points based on the vehicle’s market value.
Apart from earning points based on vehicle purchases, both new and used, users can also earn these points via various social media activities and games available on the app. When it comes to using the earned points, members can redeem their points for discounts on routine vehicle maintenance and other services provided by BMW’s partner companies.
Uses with high membership points also stand a chance to get invited to several luxurious and cultural events organized by the luxury carmaker. The reward program trials are currently underway, and it is being speculated that the official launch could happen in early 2021.
As a country, Korea is among the selected few who have adopted blockchain technology to a great extent. In fact, it was among the first countries to legalize digital assets. The government is quite bullish towards the nascent technology and has announced a $400 million grant to develop these technologies.