Purse (PURSE): Streamlining Loyalty Token Trade for Merchants

Since blockchain technology keeps a long, unaltered chain of transactions, it's a useful way for businesses to manage customer relationships. To help these businesses with their transition to a blockchain environment, Purse has created a useful way of managing loyalty programs. This web3 customer loyalty system could potentially make it easier and more profitable to reward customers for their business. Is Purse's unique new system likely to succeed? Explore this guide to find out.

Key Takeaways:

• Purse is a web3 customer loyalty system. The Purse network provides an easy way for companies to give customers cryptocurrency as reward points. 

• Looking to trade PURSE tokens? Bybit now offers the PURSE/USDT Spot trading pair. To celebrate this listing, Bybit is holding two exclusive events in which you can earn a share of the 120,000,000 PURSE prize pool.

What Is Purse?

Purse is a web3 customer loyalty system. The Purse network provides an easy way for companies to give customers cryptocurrency as reward points. It also incorporates trading mechanics that give customers more flexibility in how to spend their points.

What Is Pundi X?

Pundi X is the crypto ecosystem that Purse runs on. In addition to helping operate this loyalty system, Pundi X provides a variety of other web3 business solutions, such as blockchain-based point-of-sale integration and crypto payment programs.

History of Purse

Purse was founded as part of an ongoing project to bring cryptocurrency products to everyday life. Pundi X got its start as an Indonesian web3 business software company founded by Zac Cheah, a smart contract expert with experience in the mobile gaming industry and degrees in computing and security — ideal skills for designing a crypto system to help companies manage customer payments.

After successfully launching Pundi X, Cheah and his team realized there was also a need for a service to handle all the various loyalty programs their clients used. Purse was initially meant to be a small feature offered to Pundi X customers. However, after its launch in 2021, it managed to expand into a standalone system that manages multiple loyalty programs.

What Does Purse Aim to Achieve?

Purse aims to create a more flexible and convenient reward points program that can appeal to businesses and customers alike. When designing its loyalty program, Purse’s team realized that a significant problem with existing traditional loyalty programs was that many customers found it hard to actually use their reward points, and their loyalty points often expired or got lost.

Purse hopes to take the existing loyalty program idea and design a better customer relationship management system, envisioning a system in which digital tokens and blockchain systems seamlessly track loyalty points and customers can trade their points with ease. The end goal is to create a system that boosts customer engagement while ensuring various loyalty programs provide real value for clients.

How Does Purse Work?

Purse’s system starts with the basic concept of traditional loyalty programs. Customers who buy goods and services from companies are given loyalty points to thank them for working with the company. However, the Purse loyalty system gives customers digital tokens instead of a card or other tangible item. Since Purse smart contracts handle digital token distributions automatically, companies don’t have to waste time manually tracking reward points.

The other unique aspect that differentiates Purse from existing loyalty programs is that its loyalty tokens are tradeable. Customers can buy and sell tokens from various loyalty programs before exchanging them for prizes from the company. This makes it much easier for customers to accumulate enough points for desirable rewards. It also solves the problem of too many loyalty programs, because customers can convert all their digital tokens from various companies into reward points for a single one.

Features of Purse

In addition to Purse's using smart contracts to distribute, track and exchange loyalty tokens, its customer loyalty programs include many other features that will appeal to crypto enthusiasts.

LP Restaking Farms

The LP restaking program is a way to ensure there are enough liquid tokens to facilitate trading. Users can take advantage by connecting their wallets to the LP Restaking Farm and providing either PURSE or BUSD. In exchange, they receive LP tokens that can be used for yield farming.

Purse Staking

For those who like the idea of passive income but are worried about the impermanent loss of yield farming, staking is another option. Stakers use a smart contract to exchange PURSE for SHARE tokens, which they can use to retrieve their funds at the end of the staking period. All staking lasts for at least 21 days, but users can stake indefinitely if desired.

Purse Staking Rewards

Staking is about more than just supporting the blockchain. It also allows people to receive financial rewards. In Purse's staking system, rewards are calculated based on the length of time your digital asset has been staked. To save on gas fees, rewards are only distributed when the staked tokens are withdrawn.

Purse Retroactive Rewards

Purse’s Retroactive Rewards program gives prizes to users who staked before November 2022. Eligible users who have a wallet connected to the blockchain are eligible to receive tokens that reward them for their participation. Recipients need to claim the tokens manually, since they aren't automatically awarded.

Purse Road Map

For the past few years, Purse has been working on turning its concept into a reality and has created a website, launched early access for its loyalty program and released the PURSE crypto to manage the project. Next up onits road map is expanding Purse’s customer relationships. It hopes to draw more attention to the Purse program via an airdrop, and to involve more Pundi X users in the program. As Purse transitions from early access to a publicly available system, its team plans to attract more businesses and increase the number of rewards customers can choose from.

PURSE Tokenomics

Purse's loyalty program relies on the PURSE token to help things run smoothly. PURSE is used to exchange loyalty points, access rewards and fuel the Pundi X ecosystem. It’s an inflationary token, and has no hard cap on its supply.

To help with inflation, Purse has a special distribution system that takes all non-whitelisted transactions and sends 10% to a token-burning wallet address. In addition, it donates 5% of non-whitelisted transactions to staking pools and sends another 5% to a wallet address that stores liquidity. The company hasn't released the rest of its token distribution details, but a minimum of 100 million PURSE have been distributed via airdrop to Pundi X users.

PURSE Price Prediction

When the PURSE digital asset was first released in limited amounts in 2022, it traded at around $0.001. Now that more tokens are on the market, it's no surprise that prices have dropped for this digital token. The coin is currently trading for roughly $0.0003.

However, crypto analysts predict some price increases for PURSE in the near future. Pundi X has recently been focusing on rebranding and promoting its loyalty system, and this positive attention may help the coin to grow.CoinCodex predicts a 62% price increase in the next six months. Meanwhile, DigitalCoinPrice believes the crypto will reach at least $0.0007 by year end.

Where to Buy PURSE

PURSE has recently become available on more public markets. It's now available for sale on Bybit, so users can quickly and conveniently purchase the token for Purse's customer loyalty programs. To get started with trading PURSE, you’ll first need to create a Bybit account, fund it with cryptocurrency and navigate to the PURSE/USDT Spot trading page. 

To celebrate this listing, Bybit is holding two exclusive events in which you can earn a share of the 120,000,000 PURSE prize pool. 

The first event is known as Deposit to Earn. The first 1,000 new users who complete the following two steps between Feb 5, 2024, 10AM UTC and Feb 19, 2024, 10AM UTC will receive 60,000 PURSE each:

1. Sign up for a Bybit account and complete Identity Verification.

2. Accumulate a deposit volume of at least 100 USDT worth of PURSE, or deposit 100 USDT and use your Bybit account to buy 100 USDT worth of PURSE via your first trade.

The second event, Trade to Earn, is being held from Feb 6, 2024, 10AM UTC through Feb 19, 2024, 10AM UTC. Simply trade at least 100 USDT worth of PURSE on Spot to grab a share of the 60,000,000 PURSE prize pool.

Rewards will be distributed to 1,000 users on a first-come, first-served basis.

Is PURSE a Good Investment?

Right now, the future of PURSE looks reasonably bright. Recent airdrops and industry hype have helped to reinvigorate token prices, and the company offers a novel solution to the issue of the overabundance of loyalty programs. However, long-term success will depend upon Pundi X's ability to attract more businesses. Coin prices are only likely to remain high if enough companies can offer interesting rewards through the program. Right now, the site is still in early access and is mostly just used for Pundi X clientele, so skyrocketing prices in a few years seem unlikely.

PURSE is most likely to appeal to crypto investors who like working with underrated coins and high-risk crypto startups. Therefore, it might not work well if your strategies focus on either extremely popular or reliable coins. However much PURSE you want to purchase, it pays to remain cautious, do your own research and avoid overextending your finances.

Closing Thoughts

Purse has the potential to boost customer engagement and make existing loyalty programs a lot more convenient. However, this customer relationship system is still in its early stages and primarily attracting Pundi X clients. Only time will tell whether it can create a stable user base and turn its existing loyalty program system into a viable brand-new web3 system.

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