Visa, a global leader in payment technology, is incorporating Web3 elements into its loyalty programme solution as it seeks to revitalise its offerings.

Web3 is a term used to describe the evolution of the internet that includes decentralisation of the web and blockchain technology.

For this initiative, Visa has partnered with Smartmedia Technologies, a startup specialising in Web3 loyalty rewards.

The collaboration seeks to introduce innovative features, such as virtual worlds, digital wallets and gamified rewards to Visa's loyalty programmes.