EZPOS Holding Singapore, a cloud-based Point of Sale (POS) systems provider that serves thousands of businesses across Southeast Asia, is releasing its own digital currency.
EZToken starts ICO at 11:00 pm EST. After 2 minutes 24 seconds, 1 million of EZtoken at $0.85 sold out. 1,114 investors are on board. A similar number of investors stood out the winner crowd and get hungry for the 2nd round.
Known as the EZToken, this currency will advance the company’s efforts to improve customer loyalty programs while making digital money viable on a global scale. Founded in 2011, EZ Solution, a subsidiary of EZPOS Holding Singapore has expanded rapidly to provide more than USD $1 billion worth of annual transaction over POS software for more than 10,000 businesses. The company does not limit itself to facilitating payments but also helps clients attract more customers. In particular, it seeks to enhance clients’ customer loyalty programs, providing them with the tools to reward returning customers without depending on expensive third-party services.
Creating its own currency will bolster EZPOS Holding Singapore’s efforts to improve loyalty programs. Clients in its POS network will be able to accept EZTokens for payments, and because customers who hold the currency are likely to be loyal to the network, they can offer them discounts and promotions as a reward for that loyalty. Moreover, because the EZPOS Holding Singapore network is so large and is only likely to keep expanding, the token is likely to be adopted on a global scale, setting the stage for widespread cryptocurrency use.
- Previously, Pre-ICO of 1 million tokens were sold out to partners. There are 3 rounds of ICO, first round 1 EZT = $0.85, 2nd round 1 EZT=$1 begins on 8th January 2018, 3rd round 1EZT=$1.2 kicks off 15th January and finishes on 4th February 2018
- EZWallet was launched on 1st January for Android, currently under review for IOS. Meanwhile, under the roadmap, the wallet would be launched in March 2018
- EZToken is rated Top Hot ICO and Trending in January 2018 by ICOBench. EZToken is rated 8.4 on ICOMarks. EZToken is listed on coinworldindex, bitcoinhills, icobench
- EZPos has a strong network of 10,000 merchants, 4.5 million users and more than USD $1 billion worth of annual transaction over POS software
- EZToken is expected to capture much of over $500B worth of loyalty points in circulation worldwide
- EZToken is used as an exclusive medium of exchange on the EZ Marketing and Loyalty Platform which replaces and enhances the traditional Customer Loyalty Card. EZToken will completely change a customer’s perception of loyalty services.
EZPOS Holding Singapore’s Customer Loyalty Enhancements
To comprehend the EZToken’s full value, it’s first necessary to understand the problems with current customer loyalty programs and how EZPOS Holding Singapore has addressed them. Ever since it was founded, the company noticed the untapped potential of customer loyalty. Shoppers who have bought from a particular brand before are far more likely to buy from it again, giving the company a strong incentive to appeal specifically to them. And it is becoming easier and easier to identify and reward past customers, thanks in large part to the growing popularity of mobile devices. As a result, the loyalty market is projected to be worth USD $6.2 billion by 2023, and could be even larger if businesses can find more effective ways to recognize and reward loyal customers.Unfortunately, few businesses have taken advantage of this potential, in large part because of the structural barriers to rewarding customer loyalty. Most loyalty programs rely on third-party services to issue loyalty cards or apps and process customer incentives. Such intermediaries charge hefty administrative fees, forcing companies to spend money that they otherwise could have put to customer incentives. As a result, customers do not benefit as much from loyalty programs, and are less likely to take advantage of them.EZPOS Holding Singapore fixes these problems through the use of blockchain technology. A type of digital ledger that stores information by linking individual pieces of data together, blockchains are virtually invulnerable to outside tampering. This is because if any one part of the data chain is altered, all the other data change along with it.EZPOS Holding Singapore uses this secure method to design loyalty programs for all businesses in its network. The platform distributes Loyalty Points to clients, who can then distribute them to individual customers. All of the information on who has points and what incentives they are entitled to be then stored in the blockchain, as is any data involved in processing these incentives. This eliminates the need for human administrators to get involved in recording and processing incentives, reducing the cost of the services. This lets merchants offer customers larger loyalty benefits, giving customers more incentive to take advantage of such benefits and stay loyal to the brand.
The Role of the EZToken
The EZToken will contribute directly to EZPOS Holding Singapore’s customer loyalty endeavors. EZPOS Holding Singapore will release the token to be used as a medium of exchange for anyone buying or selling goods and services within the network. Customers can then accumulate EZTokens by earning Loyalty Points, which are valued as a fractional quantity of the currency. This has a number of advantages for encouraging customer loyalty, including:
- Network Specificity– Because customers earn loyalty benefits in EZTokens instead of in their local fiat currencies, they will have to spend them within the network. But because the network is so large, they will have ample opportunities to spend them, and thus a strong incentive to take advantage of their Loyalty Points.
- Changing Value Perceptions– Calculating Loyalty Points in EZTokens and then accepting those tokens in exchange for goods and services will help customers to understand the practical value of using this currency. They may even begin to think of prices in EZTokens rather than in their local currencies, making them more likely to conduct a large portion of their transactions over the network with this currency.
- Making Consumers Investors– EZTokens will be traded on currency exchanges, and will increase in value as demand to use the EZPOS Holding Singapore network rises. This means that consumers who already hold tokens will see their wealth increase. They will thus be encouraged to promote the network, whether by convincing other consumers to shop within it or, if they own businesses themselves, purchasing their POS systems from EZPOS Holding Singapore. Their loyalty, then, will go far beyond merely shopping in the network.
Because the EZPOS Holding Singapore network already encompasses thousands of businesses across multiple countries, it will be largely immune to one of the most persistent barriers to alternative currency use. Customers often hesitate to use digital money if they don’t think large numbers of businesses will accept it. But the many companies on the network will have an easy time accepting EZTokens, and will likely do so as quickly as possible. As a result, customers will have every incentive to begin collecting all the tokens they can, incorporate those tokens into their daily shopping, and become loyal members of the EZPOS Holding Singapore network.
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