Asda’s bold “Pounds not Points” scheme looked like a runaway success with 6 million members in its first year — but by 2025 it was being called “all but dead.” In this episode of Loyalty Unlocked, we explore what went wrong, compare Asda’s retreat with Tesco’s Clubcard surge and Nectar’s coalition reach, and share lessons from yuu Rewards in Hong Kong. The takeaway? Points aren’t the point — participation is.