Lazlo Awarded Core Crypto Imaging Patent
Lazlo announced this week that the company has been awarded a core patent for its digital Crypto Imaging™ technology.
Paper and plastic gift cards, lottery tickets, coupons and event tickets—despite their ubiquity—fall short of their potential to excite consumers or help retailers and brands influence purchase behavior. Yet, they remain popular because they’re easy to buy, share, and redeem. But, as the experience goes digital, stored value’s potential is limited by lengthy and intrusive registrations and poor customer experiences.
What is Crypto Imaging?
Crypto Imaging unlocks the true potential of digital stored value. Lazlo’s technology enables these instruments to be embedded in videos, memes or GIFs; shared via text or messaging app; and easily redeemed in-store or online—no registration required. Users remain anonymous, yet their unique ID can be paired with contextual data and tracked throughout its lifecycle, enabling precise and real-time offer targeting. It’s simple and secure.
Transforming Digital Commerce
Lazlo’s technology creates new revenue opportunities and new experiences for stakeholders in the stored value ecosystem.
- Retailers: Lazlo opens new revenue opportunities by enabling stored value sales in-lane and in-app. Digital gift card, lottery and ticket sales drive customers to your branded applications, where highly-targeted offers influence purchase behavior in real-time.
- Brands: Lazlo enables targeted in-app offers based on a user’s purchase and contextual data. While consumers can remain anonymous, their unique IDs can be tracked throughout the instrument’s lifecycle.
- State Lotteries: Lazlo crates new revenue channels, increases play among younger demographics, and enables the first true in-lane lottery offering. Enhanced security reduces claim fraud and customer theft.
- Consumers: Lazlo enables a new way of using stored value to share, express and experience. Send a friend or relative a personalized gift card in a video. Play lottery games on your phone while you shop. Share a move ticket with friends in the form of a video trailer.
“The migration to digital gift cards, tickets and coupons has fallen short of its potential because it was defined by the same thinking that created paper and plastic,” said Mike Pinkus, President, CTO and Founder of Lazlo. “Crypto Imaging enables an entirely new method of distribution for stored value—one that fits naturally into how we communicate and share today.”
“Digital stored value has massive potential as a marketing and consumer engagement channel—sales of gift cards, lottery and event tickets exceed $250 billion in the U.S. alone,” said Chris Demetree, CEO and Founder of Lazlo. “Yet, even in their digital form, they’re just a harder-to-use version of paper currency. Crypto Imaging changes the rules by enabling new ways to consume, create and share value. This has powerful implications for retailers, CPGs, and state lotteries.”