Nexus payment mechanism and its impact on merchants and businesses

Blockchain and distributed ledger technology are revolutionizing an endless number of industries ranging from banking and finance, hotels and restaurants to e-commerce, retail and more, making the services offered in organizations faster. , easier and safer for customers.

A recent forecast from Mordor Intelligence revealed that the transaction value of global digital payments is expected to reach $11.29 trillion by 2026 and grow at a CAGR of 11.21%. In fact, consumers around the world are more inclined towards a redefined blockchain payment solution that works seamlessly without barriers or delays. Hence, this has led businesses to adopt digital payment systems to increase sales, reduce costs and also build customer loyalty.

Customer loyalty is considered valuable and important in today’s market. And with the stiff competition among retailers, organizations are exploring ways to retain and reward customers, thereby maintaining long-term customer loyalty.

To create the best experience for customers and also build brand loyalty, businesses are now using loyalty point services, a handy technique to not only acquire repeat customers but also convert them into fans. An effective and attractive loyalty program helps to ensure that customers are inclined to buy from a brand/store repeatedly.

Loyalty programs offered by retailers and other businesses include rewards, discounts and other special incentives as a means of ensuring that customers make repeat purchases in order to entice them to become attached to the business or to brand and continue to support it over time. In this way, companies deliver great value to their customers and drive customer engagement. However, the value of digital points depends on the trust of the company and may lose value depending on the economic situation of the issuing company.

Explore Nexus Project Products

Nexus, on the other hand, is re-engineering the digital point/digital incentive service into a Web 3.0 solution that does not rely on the issuing company by backing the value of digital points via a proprietary token. Recognizing that an effective reward system is critical to long-term business success and customer loyalty, Project Nexus aims to provide merchants and businesses with a transparent, efficient, profitable and secure.

Nexus Project is a blockchain-based payment infrastructure that will contribute to economic development by improving accessibility and encouraging consumption. Here are some of the Nexus Project products for merchants and businesses:

UAE Merchant Network: digital rewards services in the UAE

Through established partnerships with various companies in the UAE, the Nexus Project provides excellent and faithful one-time payment services that can be used in many retail stores, restaurants, hotels, etc., mainly in Dubai and Abu Dhabi . This way, customers are rewarded for frequenting a store or brand. More so, customers will be able to obtain goods and services conveniently and at a reasonable price.

Payments can be made easily at many places, and businesses can provide incentives to attract and retain incoming trade. Unlike the typical one-time payment system, stores can become participating merchants without having to pay a huge sum to install the system.

Nexus Token – Multi-Reward Token

Nexus Token, NXD, is the utility token that powers the Nexus Project. It will initially be deployed on Polygon – a layer 2 solution on the Ethereum network, enabling rapid processing and decentralization. NXD powers the digital reward/digital point service of the Nexus ecosystem.

Polygon enables cheaper and faster transactions, making it suitable for payment transactions. It is compatible with the ERC standard and therefore can be used to run various applications on the Ethereum blockchain. The total supply of Nexus tokens will be fixed, and as additional networks are integrated, an amount of Nexus tokens on the polygonal network equal to the newly issued supply will be locked.

Merchants and User Application – Spray

Loyalty programs are designed to offer people rewards for their store or brand loyalty. So the more often a customer makes repeat purchases – the more they spend – the greater their rewards.

Nexus Project offers an application – Spray, to provide payment and loyalty solution. Spray is a loyalty app that works off-chain, allowing users to earn NEX points based on the amount spent and use the accumulated points for payment. Users can also load Nexus Points with Nexus Tokens on different networks. The app is expected to be functional in March 2022 and will be available in various malls in Dubai. Already, around 110 companies are planning to integrate this service to increase customer engagement.

Final Thoughts

Blockchain technology was initially used to support Bitcoin digital currency, but today it is being explored for a wide variety of applications that do not involve bitcoin. This technology has succeeded in providing greater interconnectivity with other systems, seamless cross-border payments, and digital incentives for people’s everyday consumption behavior.

Using blockchain technology, the Nexus project offers a digital payment system as well as digital incentives/points services that deliver amazing consumer experiences. And by integrating smart contracts, asset guarantees and personal authentication mechanisms, Nexus Project will unlock new opportunities for merchants and businesses.

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About Matthew R. Dailey

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