In a major step for Taiwan’s digital economy, stablecoin issuer Circle has formed a strategic alliance with Taiwan’s leading crypto services provider BitoGroup and Taiwan FamilyMart, the country’s second-largest supermarket chain.
Circle declared that the collaboration aims to enhance the usefulness of loyalty points, increase their value and facilitate access to the digital economy for the Taiwanese market.
This partnership unveils an innovative ‘Points-to-Crypto’ service through Taiwan’s FamilyMart app and the BitoPro Exchange. The service allows customers to convert their FamilyMart loyalty points, FamiPoints, into digital currency such as USDC. This conversion, which preserves the value of loyalty points and incurs no transaction fees, democratizes access to cryptocurrency.
This strategic move fits nicely into Circle’s broader strategy to push the boundaries of digital asset innovation.
If CryptoSlate Last month, Circle reported that Circle has made progress in integrating its Web 3 Services platform into high-profile apps like Grab, Southeast Asia’s super app for transportation, deliveries, payments and more. This integration, which will be piloted in Singapore, aims to improve user experiences with blockchain-enabled solutions, underscoring Circle’s commitment to partnering with global consumer internet brands to deliver everyday usability to users.
Regarding this latest development, Taiwan is known for its high density of convenience stores, where loyalty points in these establishments have significant value. According to the Market Intelligence & Consulting Institute (MIC) in Taiwan, ‘Points Accumulation and Redemption’ arranged the most practical of the four primary retail app features in their 2021 consumer behavior study.
With a reported membership base of nearly 800,000 and a market share of approximately 90% in Taiwan, BitoGroup, one of the leading partners in this initiative, hosts a range of services including BitoPro (a crypto exchange), BELS (an NFT empowerment platform) , and O2 META (a metaverse-focused social media platform).
Donghao Liu, director of Taiwan FamilyMart’s Digital Finance Department, emphasized that the improved service strengthens Taiwan FamilyMart’s commitment to its members by continuously offering diverse and convenient ways to use points. Liu said:
“The enhanced service not only introduces a wider range of virtual currencies for which FamiPoints can be redeemed in just two simple steps, but also promises to have a positive impact on Taiwan’s loyalty points economy.”
Since 2014, Taiwan FamilyMart and BitoGroup’s service has allowed customers to purchase Bitcoin at supermarkets nationwide. This new partnership moves from brick-and-mortar convenience stores to online experiences, supporting access to innovative financial instruments and strengthening Taiwan’s position as a leader in the digital economy.
Building on previous strategic initiatives such as the Grab integration, Circle’s latest partnership with BitoGroup and Taiwan FamilyMart demonstrates a pattern of advancing alliances with key consumer internet brands and financial institutions in Asian markets.
Circle set out this agenda in June when it announced its intention to focus on collaborations aimed at transforming how consumers and institutions in the APAC region interact with the digital dollar, especially USDC, for faster and more efficient financial transactions.