Through its South Korea Branch, BMW Korea, Luxury automobile giant BMW has released a reward system called “BMW Vantage” based on blockchain to its client based in the Asian country.
The main objective of the reward program is to encourage the clients of the German carmaker to use the products and services of the firm while they, in return, reward them for their patronage either through getting discount offers or the ability to pay for the company’s product using the BMW Vantage token.
How BMW Korea plan for the rewards system to work
BMW Korea has made it known that the BMW Vantage system would reward new customers especially first time buyers with points between the range of 300,000 to 900,000 based on the kind of cars or products that they purchase.
While those who would be purchasing the latest series model luxury cars can have as much as 900,000 points and those buying any of its current cars can only have as much as 600,000 points.
Clients buying used BMW cars will also enjoy incentives from the car maker as they are also qualified for reward which is based on the current market value of the car they have purchased.
The company made it known that customers with Vantage points can enjoy a cut in the cost of maintaining the cars and other services being offered by BMW and its partners. Not only that, high-tier customers can get invites to occasions being organized by the brand.
From BMW Korea to the world
BMW made it known that the token would only presently be available in South Korea through its plan to have the program available to all of its clients in the world.
However, it is being tried out in South Korea due to the level of adoption and acceptance blockchain applications have found in South Korea.
Recall that the South Korean government has provided an enabling environment for innovative technologies in blockchain, artificial intelligence, and machine learning. Recently, it released over $350 million as an investment fund for those technologies.
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