Incent cryptocurrency loyalty program launches in Australia

More than 300 retailers in Australia have signed on to the loyalty program that 'rewards' customers with cryptocurrency.

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Sydney-based startup Incent Loyalty has launched its loyalty program in Australia, rewarding members with its INCNT digital coin for online purchases.

The blockchain-based loyalty program already claims over 300 retailers on board, including Catch.com.au, Contiki, Dymocks, Europcar, Sephora, and even software provider ESET and tech giant Samsung.

The company touted its loyalty program as "revolutionising" the space, with members earning between 0.5-20 percent of the purchase price in INCNT, at current value. Meditation program Synctuition and SIM-only mobile provider Better Life Mobile are currently the only two companies with a 20 percent return.

"INCNT is a finite resource," the company wrote in its Q&A. "Its value is determined by supply and demand. The market rate of INCNT is driven by supply/demand and exchange rates."

INCNT will later this year be awarded for in-store purchases, where customers will be required to link their bank card to the cryptocurrency account to have rewards then credited. Members will also soon be able receive digital coin for watching videos and reading articles.

Students from the University of New South Wales (UNSW) participated in a trial of a similar loyalty program in Sydney earlier this year, earning cryptocurrency for every 10 digital "stamps" received.

In total, 170 staff members and students from the university were paid AU$10 in Ether for every 10 purchases made at over a dozen on-campus retailers including IGA and Boost, and a handful of eateries near UNSW's campus in Sydney.

The New South Wales government supported the initiative, handing over a AU$14,996 "TechVoucher" grant under its Boosting Business Innovation Program.

Meanwhile Unicef Australia announced The Hopepage in May, a browser-based cryptocurrency mining platform that uses a third-party computer's processing power to automatically generate funds.

When on The Hopepage, an individual's browser uses the computer's processor to generate cryptocurrency -- users can select how much processor power they want to donate to the task.

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