The solution will enable instant issuing of single-use gift cards to offer a better user experience for consumers, who can receive a fully usable gift card within seconds. The global gift card market is estimated to grow approximately 12% over the next five years to a total of EUR 900 billion by 2024. Gifted offers the market a prepaid gift card solution, and Nets will provide the company with Account Management Services – including prepaid cards and transaction processing services – and Lifecycle Management Services, including virtual cards that can be instantly issued to the wallet. The solution is fully digitised with no physical cards required, enabling Gifted to issue cards virtually.
Merchants will benefit from digital gift cards that integrate into their regular payments flow, while for customers the experience is very similar to any digitally issued payment card. It will be easier for merchant customers across Europe to partner with Gifted and ensure easy onboarding to their gift card platform, minimising the initial cost and reducing time to market. The partnership will be collaborative, with a plan for on-going co-creation workshops with both UX teams to drive continuous product innovation.
The new virtual gift card solution from Gifted and Nets is expected to find its way to the first European customers during 2021, with the Nordics being first to launch.
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