Emaar, the Dubai-based property developer, is releasing a new blockchain-based referral and loyalty platform. Named EMR, the platform aims to reward Emaar customers with tokens for their loyalty and business referrals. EMR tokens can also be traded with other users. They are also redeemable in Emaar’s real estate, hotels, ecommerce operations and malls.
This is the first product of its kind being launched in the world, which aims to provide Emaar’s customers with digital tokens using blockchain technology on a mobile application. Tokenisation of loyalty points not only provides users with all the benefits current loyalty schemes offer, but also provides real monetary value through external trading platforms.
Emaar is leveraging the interactive, social and value transfer characteristics of cryptographic tokens to incentivize its global user base as economic participants in the growth of the business. The EMR Ecosystem enables user participation in the Emaar global ecosystem. Through its transactions in a frictionless and trustless manner, its users can become partners in the advancement of Emaar.
Consumers will be able to use Emaar’s dedicated EMR mobile application on Android and iOS to access the referral and loyalty system and earn or redeem EMR tokens.
The recent Tokenization, Loyalty and Blockchain survey by KPMG LLP revealed that consumers across all age groups are increasingly willing to make purchases with tokens. This indicates a wide range of new opportunities for businesses to engage with their customers and transform commerce using blockchain. The findings also highlighted the fact that the majority of consumers familiar with the definition of blockchain-based tokens believe it will enable them to make better use of loyalty reward points.
About Emaar Properties PJSC
Emaar Properties PJSC, listed on the Dubai Financial Market, is a global property developer and provider of premium lifestyles. Emaar enjoys significant presence in the Middle East, North Africa and Asia. As one of the world’s largest real estate companies, Emaar has a land bank of 1.6 billion sq ft in the UAE and key international markets.
With a proven track-record in delivery, Emaar has delivered over 56,00 residential units in Dubai and other global markets since 2002. Emaar has strong recurring revenue generating assets with over 880,000 square metres of leasing revenue generating assets and 21 hotels and resorts with 4,679 rooms (includes owned as well as managed hotels). Today, 46 percent of Emaar’s revenue is from its shopping malls & retail, hospitality & leisure and international subsidiaries.
Read the official press release on Emaar’s website.