BMW To Launch Blockchain-Backed Prize System In Korea

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BMW Korea announced Wednesday that the company would soon launch a blockchain-powered reward program called BMW Vantage in South Korea.

The reward program is the company’s new membership scheme that will allow customers to collect reward points and use them to pay or get discounts on services that the program offers.

Korea will be the first country to launch the new reward platform before rolling it out globally, BMW Korea said. The automaker’s office here is currently running a trial on the new platform to launch it within this year, it added.

BMW Korea said users of the point-based program will be able to get discounts on vehicle maintenance or other services provided by BMW’s partner companies. The company added those users with high-tier membership could also receive invitations to cultural events organized by the company.

The first-time buyers of new BMW models could receive 300,000 to 500,000 points, the company said. Those who are repurchasing BMW vehicles can receive additional reward points based on prices of the vehicles.

Customers who purchase the new BMW 5 Series or the new BMW 6 Series, for instance, can earn points up to 900,000. Those who buy existing vehicle models — including X1, X2, the BMW 1 Series and the BMW 2 series — will be able to receive up to 600,000 points, the company said.

The user can also earn membership points through game and social features on the application, the company added.