In conventional loyalty and cashback programmes, users collect points, which have limited functionality because they can only be redeemed at participating outlets. This puts constant pressure on the loyalty provider to increase its number of partners to differentiate itself from competition. Instead of collecting loyalty points, wee users will now collect WPC, which has many use cases compared to traditional cashback points. WPC can be used for purchases at weePartners and all outlets accepting ERC20 tokens. In addition, it can be exchanged for cash, but also for Bitcoin or other cryptocurrencies..
When wee users want to withdraw their wee in the form of cash, this means having to handle a large amount of bank transfers, which are very time-consuming and require a lot of efforts from the company. Users may even lose some of their collected cashback due to high bank transfer fees. By replacing the existing wee points with the stable coin WPC, cash withdrawals will be handled much quicker and at lower transaction costs, making wee more attractive than conventional cashback programmes.
With its current business model, wee is managing several divisions, which translates to a higher need for manpower, higher management costs and an increased difficulty in consolidating its data, transactions and ultimately its strategy. With the introduction of blockchain technology to the wee business model, data and information can easily be consolidated, as well as accessed quickly and at lower cost, making the organisation more efficient and facilitating management.
An increasing number of users and transactions requires a sophisticated IT infrastructure, including strong servers and software to handle large numbers of transactions and data. With the help of loyalty and cashback experts Envolved GmbH, a state-of-the-art marketplace software was just implemented to fully equip wee for its expansion and to successfully support a huge number of customers and merchants.
The weeMarketplaceAccessToken (WMA) is the key element of the weeEcosystem. Its main utility is to provide users (both merchants and customers) access to the wee Marketplace.
WMA will have to be owned by anyone who wants to participate in the wee Marketplace and the weeEcosystem:
The weePayCoin (WPC) is a stable coin created to function as payment means and to be used for borderless payments. It will replace the previously collected “wee”, be the fuel driving the wee intelligent economy, and become the basis on which wee’s future unique financial infrastructure will be built.
The first phase will focus on the transition of the current business and application onto the blockchain
The second phase will focus on the development of the stable coin, the expansion of the user base and wee’s list of financial services.