Backed by several innovative businesses, the fintech space in the Middle Eastern region has become increasingly competitive over the last few years. The region continues to show encouraging growth and has been attracting several partnerships that are in line with the growing digital age. The trend is more evident in the gift card space which is projected to record strong growth over the next three to four years. For instance,
In today’s world, customers are more attracted to convenience and flexibility, and consequently, the provider of the gift card marketplace entered into such a partnership, intending to acquire more customers in the region. YouGotaGift, at present, has around 700 brands under its banner, catering to several customers with their everyday purchases and also for several special occasions such as birthdays, holidays, and many more.
Notably, Tabby has been witnessing strong customer adoption over the last few quarters and thus, this strategic decision of the BNPL provider to team up with YouGotaGift will help it to accelerate growth in its business. YouGotaGift, which has an array of gift cards from global brands, including categories such as electronics, beauty, retail, and many more, will now enable more consumers to purchase products abolishing the need for upfront payment. Thus, PayNXT360 anticipates, this partnership will inject an immense amount of flexibility; at the same time will boost the usage of YouGotaGift gift cards in the region.
Notably, Merit Incentives has a network of 5,000 partner brands with more than 8000 retailers in about 100 countries. This partnership comes under the Merit programs in Saudi Arabia and it leverages Merit Incentive’s B2B marketplace service to exchange loyalty points for Zamzam gift cards.
Merit Incentives, which has innovative personalized redemption options, appropriately strategized to partner with ZamZam.com to attract the Muslim community in the region. Thus, PayNXT360 projects, this unique partnership will attract several customers to redeem their gift cards that match religious preferences.
Notably, the fintech platform helps several loyalty programs, gaming-streaming-gifting platforms, digital wallets, super apps, prepaid airtime distributors, etc. to attract new customers through their engaging reward platform. Consequently, it partnered with Mango, Resal, Unipay, Solutions Gulf, and many more platforms to create channels to sell its prepaid products and services in the region.
Moreover, the airline is planning to add a new gift card section, called corporate gift cards. Employees and business partners can use the gift cards for purchasing flight tickets from Turkish Airlines. Furthermore, another gift card called a compensation gift card is also proposed to be launched for the guests to compensate for any mishaps during their travel time.
Under this acquisition, Razer Gold will leverage Mintroute’s network of platforms and user base to maximize the usage of its e-vouchers and rewards throughout the region. Importantly, Razer Gold has observed a substantial demand for its product in the GCC and MENA region and thus, strategized to go for this partnership. Since Mintroute has an array of around 100 online vouchers and digital gift cards, PayNXT360 expects, this acquisition will significantly benefit Razer Gold to see growth in its business over the four to six quarters in the region.
To know more and gain a deeper understanding of the gift card market in the Middle East, click here.