Most consumers are always looking for instant gratification and gift cards are the ultimate tool that several fintechs are banking on to see an increase in sales. With this technology at their fingertips, payment and fintech platforms are strategizing to acquire gift card platforms to witness business growth. For instance,
Notably, personalized gift cards are highly demanded by customers, which TCN had been delivering to both the gift giver and their recipient since 2019. Consequently, InComm Payments partnered with this multi-brand gift card platform to provide momentum to support its business growth.
TCN has designed its products in a very unique manner; its multi-brand gift card product aggregates major consumer brands in a single card, which offers greater flexibility and choice to the recipient. TCN’s gift card product line comprises multiple creative themes namely, The Active Card, The Home Card, and many more. While The Active Card can be redeemed at many sporting apparel retailers, The Home Card can be used at several homeware stores.
The Australian gift card provider not only sells gift cards online through their website but also through many retailers in the country. TCN has been attracting its customers through personalized gift card packages along with a customized photo or video messages. Together with consumer-facing products, TCN also offers other gift products for Australian companies such as for incentive purposes, loyalty and rewards-related programs, and also for business-to-business (B2B) gifting purposes. TCN, which has grown its client base for a long time, will now be accessed by InComm Payments and thus, will help in further growing its business in Australia.
It is not the first time InComm Payments entered Australia. The firm had forged partnership with many brands in Australia and New Zealand since 2010. Consequently, PayNXT360 anticipates, this new strategy will further benefit the paytech platform by providing growth momentum over the longer run.
Post-merger, all the prepaid payment instruments (PPIs) of Qwikcilver will be issued by Pine Labs in Qwikcilver’s name while all of its products, programs platforms, etc. will continue to operate as usual. Qwikcilver has been operating in India, Southeast Asia, Australia, and the Middle East, as a prepaid and gift card provider and helped several companies to improve sales, retain customers, and thus drive growth in businesses. Consequently, PayNXT360 expects, this acquisition will enable Pine Labs to secure a strong position in the fintech space over the longer run.
High profitability, return on investment and long-term customer value of gift cards, when they’re used in loyalty programs are considered to be substantial. Generally, a consumer tends to spend more than the card’s value, and thus, promotions using prepaid cards or gift cards are more fruitful than promotions using discounts or coupons. Consequently, several gift card platforms are acquiring customer relationship management (CRM) marketing services firms to expand customer relationship management platforms. For instance,
Loyalty Lane is a SaaS-based platform that helps retailers elevate the customer experience by capturing point-of-sale data, at the same time gives the shoppers “rewards” for points or other promotions during their check-out. Consequently, this capability will now be used by Givex to serve its other sectors such as grocery, fuel pump, convenience store, and other consumer channels in the United States and Canada. Importantly, Loyalty Lane provides a CRM solution for groceries that Givex does not have at present. Furthermore, this acquisition will help it to offer additional services to the around 11 million consumers of Loyalty Lane over the longer run.
Givex’s offerings, at present are used in around 96,000 locations in about 100 countries. Thus, integration with Georgia-based Loyalty Lane will help Givex to increase overall merchant locations, and also revenue. Consequently, PayNXT360 anticipates, through Loyalty Lane’s capability, Givex will be able to generate significant revenue over the next four to eight quarters in the region.
According to Paystone, its technology is currently used at around 35,000 locations across Canada and the United States. Now, with this new integration, PayNXT360 expects Paystone will strengthen its position in the market fuelling further business expansions and acquisitions.
While several fintech platforms have been acquiring gift card platforms to get a share of the growing market, greeting card companies are also diving into the gift card space. For instance,
Importantly, post-acquisition, the 3.2 million customers of Buyagift, under its two brands, Buyagift and Red Letter, can now be accessed by Moonpig. On the other hand, Buyagift also sees itself reaping benefits from the significant potential of cross-selling to Moonpig Group’s customer base. Consequently, PayNXT360 expects this acquisition to be a win-win situation for both parties.
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