Moca Network and SK Planet's AIR Shop Rewards Ecosystem: A New Paradigm for Fintech Growth in Emerging Markets

In emerging markets, where mobile penetration and digital trust are rapidly converging, the fusion of loyalty programs and blockchain-based identity systems is reshaping fintech innovation. Moca Network and SK Planet's AIR Shop Rewards Ecosystem exemplifies this shift, leveraging decentralized identity (DID) and tokenized rewards to create a scalable, privacy-preserving platform for users and merchants. By integrating Web2 familiarity with Web3 capabilities, the partnership is not only redefining loyalty economics but also addressing critical pain points in financial inclusion and data sovereignty.

The AIR Shop Ecosystem: Bridging Loyalty and Blockchain

At the core of the collaboration is the AIR Shop, a verifiable loyalty platform that rewards users with up to 31% of their spend, contingent on membership tiers tied to SK Planet's OK Cashbag OCB points, MOCA Coin, and Mocaverse NFT staking status, according to a Markets Insider report. This tiered structure incentivizes user engagement while embedding blockchain's transparency and interoperability into traditional loyalty frameworks. For merchants, the platform offers a decentralized identity protocol-AIR Identity-which employs zero-knowledge proofs (ZKPs) to verify user credentials without exposing sensitive data, as described in a Markets Insider article. This ensures compliance with stringent privacy regulations while enabling cross-ecosystem interoperability.

The integration of OKI Club, a Web3 onboarding initiative within SK Planet's OK Cashbag app, further amplifies this model. By embedding blockchain functionality (e.g., digital identity, token swaps) into a Web2 interface, the app has attracted over 600,000 pre-registrations and 500,000 new users in seven months, according to The Fintech Mag. This seamless transition from Web2 to Web3 is critical in markets where consumer trust in digital systems remains fragmented.

Growth Metrics and Market Positioning

The ecosystem's growth is underpinned by SK Planet's 28 million KYC-verified users and 95,000 merchants, creating a vast network effect. Since integrating Moca Network's decentralized identity infrastructure, OKI Club has recorded 230,000 transactions, demonstrating the platform's utility in driving cross-border commerce, according to a Bloomingbit report. Meanwhile, SK Planet's purchase of MOCA Coin to fuel its rewards system underscores the token's role as a bridge between loyalty points and global digital assets, per FinanceFeeds.

Comparatively, competitors like Grab and Mercado Libre have also built robust ecosystems. Grab's transition to a super app in Southeast Asia-combining ride-hailing, payments, and logistics-has driven 68 million monthly active users, with fintech revenue surging 31% YoY, per a Lorenzo2cents analysis. Similarly, Mercado Libre's Mercado Pago has leveraged e-commerce growth in Latin America to achieve 390 million active fintech users in 2025, according to CoinLaw data. However, Moca Network and SK Planet's focus on decentralized identity and interoperable rewards differentiates them by addressing data privacy and cross-platform friction, which are less emphasized in traditional super app models.

Strategic Implications for Emerging Markets

The partnership's success hinges on its ability to scale in regions where smartphone adoption and fintech penetration are accelerating. For instance, in India, UPI's 390 million active users in 2025 highlight the demand for seamless digital payments, according to a Robeco insight, while Southeast Asia's fintech app usage rate climbed to 60% in 2025, per Statista. By embedding blockchain into loyalty ecosystems, Moca Network and SK Planet are positioning themselves to capitalize on these trends.

Moreover, the ecosystem's emphasis on data sovereignty aligns with regulatory shifts in emerging markets. For example, Brazil's General Data Protection Law (LGPD) and India's Digital Personal Data Protection Act (DPDP) mandate stricter data controls, which AIR Identity's ZKP technology inherently supports, according to a PowerCommerce blog post. This compliance advantage could accelerate adoption in regions with fragmented regulatory landscapes.

Conclusion: A Blueprint for Fintech's Next Frontier

Moca Network and SK Planet's AIR Shop Rewards Ecosystem represents a compelling case study in how loyalty and mobile payments innovation can drive fintech growth. By harmonizing blockchain's privacy benefits with the scalability of enterprise-grade platforms, the partnership is not only enhancing user engagement but also addressing systemic challenges in data trust and interoperability. As emerging markets continue to digitize, the ability to merge Web2 accessibility with Web3's decentralized ethos will be a key differentiator for fintech players seeking to lead the next wave of financial inclusion.