The second largest public university in Sydney Australia, the University of New South Wales Sydney, has implemented a new consumer loyalty research program for their students. Students are able to earn the cryptocurrency Ether if they make purchases to on-campus retailers.
The research program involves the startup LoyaltyX and UNSW. The “Unify” Rewards program is stored in a mobile app that can be scanned and used at various stores on or near campus.
Unify, was officially commenced on October 6th and was limited to 500 students who signed up ahead of time. The research program is scheduled to last through November 20th but that is subject to extend. For every ten transactions made through the app to these retailers, students are able to earn $5 worth of Ether.
During its trial period, students can sell their ether, spend it on gift cards, or hold onto it to see if its value increases. Once the program has ended, they will be able to transfer the balance to their personal wallets.
UNSW’s School of Computer Science and Engineering and their School of Business are involved and back this new initiative. Other universities have hopped on the cryptocurrency train, back in 2014 Massachusetts Institue of Technology gave its incoming freshman access to $100 worth of bitcoin. Researchers ended up giving out $500,000 worth of bitcoin to its undergraduate population.
LoyaltyX and UNSW are hoping to obtain data, on how each student behaves once they start receiving ether. This research will be published once it’s concluded.
Lowe, LoyaltyX’s managing director said in a statement:
“This is the first time a loyalty program allows members to transact across multiple retailers and earn a popular cryptocurrency which fluctuates based on market forces,” Lowe said, “We’re confident they’ll find it much more engaging, but the research will give us a more definitive answer.”
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