Vietnam’s Tiki launches new blockchain-based rewards program

Vietnamese ecommerce major Tiki has launched Shop2Earn, a new blockchain-based rewards program that allows customers to gain more financial benefits from their bonus points.

Photo credit: Tiki

Previously, users could earn Tiki Xu (translated as Tiki Coin) after buying goods on the platform, topping up directly into their accounts, or earning them from gift vouchers. However, users couldn’t trade or transfer the coin.

From now on, Tiki users will be rewarded with Astra instead, which can be traded on Tiki Exchange. As such, the value of Astra fluctuates and is currently pegged to Tiki Coin – one Tiki Coin is equivalent to one Vietnamese dong. Astra tokens can be used to purchase discount vouchers but cannot be exchanged for cash.

According to a Tiki spokesperson, the company is also working on features to optimize the benefits for merchants and partners.

“Tiki wants to note that Astra is not a virtual currency,” the spokesperson clarified in a statement to Tech in Asia. “Just like any other real asset, the value of Astra is determined based on supply and demand. Tiki does not intend to expand the exchange to avoid risks for our customers.”

Tiki Exchange is currently only accessible via the Tiki app. The company says it collects a 0.1% fee for Astra transactions, deducting directly from the customer’s total Astra or Tiki Coin value.

With the new feature, the firm aims to increase users’ stickiness as its app trails behind regional majors. According to Data.ai, Tiki is currently the third most downloaded shopping app in Vietnam after Shopee and Lazada.

See also: Can Tiki light up the overseas IPO torch for Vietnam?

Inspired by Amazon’s Jeff Bezos, Vietnamese entrepreneur Tran Ngoc Thai Son founded Tiki in 2010 as an online bookseller. It is one of the country’s rare tech soonicorns, following its US$258 million series E round announced in November 2021. Tran told Tech in Asia in a previous email interview that the company aims to go public before 2025.