Digital payments company SKUx has entered into the first phase of a blockchain-focused partnership with Mondelēz.
SKUx is working with the consumer packaged goods giant on a payments innovation project in collaboration with Hedera, an open source enterprise distributed ledger technology (DLT) network, the companies announced in a press release press Wednesday October 16.
“The first phase of the innovation project successfully expands SKUx and Mondelēz’s current customer service program in the market, which was designed to improve consumer offering experiences by adding a near-time SKUx digital payment option. real alongside coupons, mailed paper checks, and vouchers,” the release said.
The project publicly maps a subset of these payment transactions onto the Hedera network, providing an end-to-end consumer offering experience tied to an immutable record of transactions, the companies added.
“With today’s high volatility in consumer behavior and increasingly complex supply chains, it is critical that we focus on digital transformation and leverage Web3 technologies to increase customer satisfaction and engagement. clients,” said Xiang Xu, COE Global Head of Digital Strategy and Blockchain at Mondelēz International. maker of brands such as Ritz and Oreo.
“Our work with SKUx and Hedera provides unparalleled transparency and is a real-world example of the transformational opportunity that blockchain offers.”
Earlier this year, SKUx partnered with Visa in a partnership to “accelerate digital transformation for select merchants and consumer packaged goods companies leveraging SKUx’s payment-based offering solutions ”, as the companies declared at the time.
According to the release, the SKUx platform is used by several leading consumer packaged goods (CPG) brands to end the “obsolete physical-digital process of checks, coupons, discounts and promotional offers.”
The platform is designed to enable businesses to “interact directly with their customers by providing real-time Visa digital payment on a mobile device.”
The company’s latest partnership comes at a time when blockchain and stablecoin solutions are gaining traction, as PYMNTS wrote last month, as Web3 companies build infrastructure integrating traditional financial systems and blockchain technology.
In an interview with PYMNTS, Sheraz Shere, managing director of payments and commerce at the Solana Foundation, noted that legitimate and trusted stablecoin issuers have addressed concerns about transparency and regulation, making stablecoins a viable path forward. for businesses concerned about the risks associated with cryptocurrencies.
“You get disintermediation, you get speed, you get transparency, you get extremely low cost,” he said. “This emerges as a value proposition for particularly strong use cases, like payments.”
