As new generations enter the work force and begin traveling for business and leisure, they are looking to engage with brand loyalty programs that offer incentives that are more relevant and meaningful than those that incentivized their parents and grandparents. With an eye toward the future, Persuade Loyalty, a global loyalty and customer relationship management agency, recently announced CryptoRewards Exchange (CRE), a new rewards redemption option that can allow the agency's clients to offer customers cryptocurrency, a redemption option for brands to incentivize and reward loyalty program members.

Persuade’s launch partner, EZ Rent-A-Car, is the first Persuade partner to join the new CRE, making EZ the first company in travel to offer cryptocurrencies as a redemption option for its loyalty program, EZ Money. Persuade expects to announce additional CRE partners in the coming weeks.

Persuade Loyalty insisted that studies show that cryptocurrency redemption options are more meaningful to millennials than more traditional redemption rewards, such as gift cards or branded merchandise. Cryptocurrency can provide an immediate benefit or serve as a foundation for financial growth.

“EZ Rent-A-Car has consistently been an innovator in providing high-quality car rentals at an affordable price to youthful customers who seek their next adventure," Scott Davido, chief executive officer and president of Advantage and EZ Rent-A-Car, said in a statement. "We think rewarding those customers with products that help them explore fits perfectly with our brand.” 

The CRE loyalty redemption option is geared toward people of all ages who are interested in exploring and experiencing the crypto market with reduced risk and without committing personal funds. It lets them try before they buy. There are more than 1,500 cryptocurrencies on the market with new ones being regularly introduced.

Persuade Loyalty went on to note that cryptocurrencies have gained popularity with investors because they often offer lower transaction fees than traditional online banking programs.

Related: Hertz Awarded 'Best Rewards Program' by Travel Group FlyerTalk