WingCash this week announced that its closed-loop, digital currency Brand Cash is available to any retailer in the U.S. to use for gift, loyalty, rewards and promotional programs, according to a press release.

Brand Cash is a closed-loop, digital currency that a business creates with WingCash. Customers can use the digital currency to make purchases either online or at a brick-and-mortar store with a smartphone, according to the announcement. WishCash's pitch to merchants is that Band Cash givesthem increased marketing capabilities and gets their brand prominently featured in the consumer's electronic wallet. For consumers, the benefit is that they no longer need to carry merchant-specific gift and loyalty cards since they will have access to Brand Cash in said wallet. 

"Companies today are struggling to compete for consumer's minds and attention and now companies can leverage digital currency in a new way to secure consumer attention, increase awareness and improve loyalty," Bradley Wilkes, CEO of WingCash, said in a statement. "Many companies, particularly restaurants and retailers, use a loyalty card with point system. This tends to confuse consumers rather than motivate them because they have a harder time understanding what 15 or 150 points means to their buying options. Conversely, $5 in Brand Cash means $5 and they can instantly translate that into purchasing power."

WingCash said it has made it simple for companies to create their own Brand Cash. They sign up for a wallet at www.wingcash.com then create the cash design (which can incorporate a company's logo or other branding elements) with a few clicks. They are then instructed how to create an offer and post it to their current and potential customers.

​Businesses can use the digital wallet in two ways, according to the release. First, they can create special offers for promotions using their Brand Cash. Second, they can use it to automate loyalty programs. Merchants have access to detailed reports that are invaluable to business owners and marketers, including:

• Distribution and Redemption, which shows the value Brand Cash distributed and redeemed; and
• Provider Liabilities, which shows the wallets holding the providers Brand Cash and how much is held by each wallet.

"This is a way for companies to use their own currency, without involving a financial institution, to drive loyalty and awareness," Wilkes said. "The benefits to Brand Cash are multifaceted. A merchant isn't paying to print a coupon that can be redeemed with the competition. They receive branded promotions, no transfer fees, no plastic to present, no print to distribute and they can quickly and easily posted their offers through any number of channels including social media. They can tweet an offer or post it to Facebook or LinkedIn and track results on what worked and why. It is a simple and extremely powerful multichannel approach to promotions."