Perhaps. Take a look at this Doc: Loyalty overview - Commerce | Dynamics 365 | Microsoft Docs
Interestingly it states:
"The Point of Sale allows the flexibility for retailers to either use the physical loyalty cards or generate a unique loyalty card number automatically. To enable the automatic generation of loyalty cards in the stores, turn on Generate loyalty card number in the functionality profile associated to the store. For online channels, retailers can use the IssueLoyaltyCard API to issue loyalty cards to customers. Retailers can either provide a loyalty card number to this API, which will be used to generate the loyalty card, or the system will use the loyalty card number sequence set in Commerce. However, if the number sequence is not present, and the retailer does not provide a loyalty card number while calling the API, then an error is displayed."
