Why Are Prepaid Cards Becoming a Popular Choice for Gifting?
The sustained demand for gifting on occasions such as birthdays, anniversaries, weddings, festivals, and special days has led to the growth of the gifting economy. In 2021, for instance, the global gifts retailing market size was estimated to be worth $65 billion. By 2031, it is projected to rise to $94.044 billion.
Businesses can capitalize on this upward trend by considering prepaid cards as an alternative to gifting products and services due to their significant advantages. A prepaid card is a type of payment card that is preloaded with a specified monetary value. It can be used to make purchases, pay bills, and withdraw cash.
Given its convenience, flexibility, and affordability, this tool is emerging as a popular choice for corporate and personal gifting.
Businesses can capitalize on this upward trend by considering prepaid cards as an alternative to gifting products and services due to their significant advantages. A prepaid card is a type of payment card that is preloaded with a specified monetary value. It can be used to make purchases, pay bills, and withdraw cash.
Given its convenience, flexibility, and affordability, this tool is emerging as a popular choice for corporate and personal gifting.
5 Reasons To Gift A Prepaid Card
Here’s a snapshot of key advantages for all stakeholders in the gifting process:
1. Power Of Unlimited Choice
Traditionally, gifting is considered to be a personalized experience. This approach places a significant burden on choosing the right gift for the giver. With prepaid cards, the gifter need not invest time and effort in shortlisting and shopping for gifts.
Instead, the recipients of prepaid cards have the power to select a gift of their own choosing. There is no potential to go over budget, which is often the challenge with products and services. With prepaid cards, you can preload an amount that suits your budget.
Instead, the recipients of prepaid cards have the power to select a gift of their own choosing. There is no potential to go over budget, which is often the challenge with products and services. With prepaid cards, you can preload an amount that suits your budget.
2. They Can Be Reloaded
Once the recipient has used the amount preloaded on the card, the gifter can reload the card again anytime, from anywhere. This reloading process is simple, seamless, and secure. The giver can reload a monetary value as per their convenience on the occasion of their choosing.
3. Both Digital And Physical
Prepaid cards open up a world of opportunities for the recipients. They are not limited to one online platform or a specific offline retailer. Instead, they can shop online, at offline retailers, and at other outlets that accept card payments. This flexibility allows users to spend as per their real-time needs and preferences.
4. No Logistical Challenges
Shopping for flowers, personal items like clothing, or a salon experience can come with logistical challenges. You need to ensure that the gift is physically delivered by you or a courier service, which takes up planning, time, and effort. With prepaid cards, there are no logistical challenges, making it a convenient choice for all stakeholders.
5. A Truly Instant Gift
No matter how much one plans, last-minute gifting needs can arise at times. The good news is that prepaid cards can be instantly purchased and loaded. Thus, they can serve as handy spontaneous gifting options. The best part is that you can reload it at your discretion in the future.
6. Security and Safety
Prepaid cards are secure to use as any debit or credit card and are definitely safer than cash. They come with important protection measures such as a PIN and two-factor authentication to prevent unauthorized usage. Additionally, they are covered by liability and fraud protections as per federal laws.
The Conclusion
A prepaid card is a stellar choice in the context of corporate gifting due to the convenience, cost-effectiveness and flexibility it offers to all stakeholders with the gifting cycle.
End-to-end prepaid card solution providers such as Qwikcilver come with key features such as omni-channel acceptance, Rupay/Mastercard certified issuance platform, and plug-and-play APIs that enable easy integration.
Companies can manage their entire prepaid card program seamlessly and securely from a single, unified, and automated program management interface.
If your business aims to build a sustainable, cost-effective, high-impact gift culture, prepaid cards can be a future-forward tool for meeting this goal. Consider partnering with Qwikcilver.com to develop your co-branded prepaid card via our gifting solutions.
