This paper surveys the exchange market of point program. The point program started in 19th century, and total annual value of point (including electronic money) issued in Japan in 2014 will be over 1 trillion yen. Since the point exchange service born in 21th century, it is considered that the point is currency. Considering a market, a provider of the rating company will appear in the near future, and then corresponding to it, the companies have to build a strategy. The purpose of this research is to analyze the strategy.
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