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Gail Cohen is the director of Gift Card and Voucher Association (GCVA) – She has held this position since 2015. The organization has grown exponentially during this time and now has about 95 active members, including major retailers and service providers.
Cohen’s role is to lead the association to develop strategy and set direction with a group of executives, ensuring that members and industry are represented in all key areas, including: Stakeholders; Liaison and advocacy with governments, legal commissions and other key partners. Introducing new services to support members and add value to consumers. We provide opportunities for discussion, debate and networking, providing insights, research, the latest information and news. Cohen also leads member events his meetings and the annual GCVA conference.
Cohen works closely with the UK, European, US and international sectors and works closely with GCVA members to continuously improve and develop its services, offers and benefits to members and the wider industry. , is growing.
She told The Fintech Times how gift cards are paving the way for cashless payments and gave examples.
With eye-catching innovations, ground-breaking technologies, and even new digital currencies taking everyone’s attention as the future of Fintech, the important role gift cards play has been largely overlooked by many observers. rice field.
However, with the rapid shift to cashless payments (in just five years, cash has gone from more than 50% to 17% of all payments), many are turning to this proven solution to meet their urgent demand for alternative payment methods.
Secure, simple, and (increasingly) seamless, humble gift cards offer an off-the-shelf solution. Adding to these benefits is the impact of hot housing due to digital innovations and lockdowns in this area. The term ‘gift cards’ greatly understates the role this sector plays in modern trading.
Here we take a look at how gift cards are contributing to a cashless society, highlighting the increasing reliance on gift cards as a payment method through the pandemic, and how adding gift cards to mobile wallets can be a major contributor to spending. Find out how it benefits both merchants and retailers. How to help people control their spending as the cost of living rises.
The COVID-19 pandemic has further accelerated the transition to a cashless society and the growth of gift cards as digital currency.Year-over-year, online gift card and eVoucher sales increased 117% In the second half of 2020, restrictions made physical gifts and purchases more difficult. 27.5% of gift card buyers say the conversion to a digital gift card is permanent. This has turned the sector into a digitally driven sector now, unleashing a new wave of innovation that takes gift cards beyond the traditional heartland.
One such extension was for use by community volunteers. During social distancing and confinement, the ability to send money in a secure and flexible way has become important. This was especially true for the volunteers who help the vulnerable by shopping weekly and collecting essentials.
By pre-loading the gift cards with funds, people were able to instantly provide payment methods to these volunteers without sharing bank cards or payment details.
Gift cards also played an important role in employee benefits, supporting key employees and helping those in need. They have become a way for communities to purchase meals for nurses and redeem school lunch allowances.
Gift cards have also expanded their role in home entertainment and gaming. Gift cards allowed people to make in-game purchases and media subscriptions safely and securely. As a result, the popularity of gift card purchases for own use continues to grow. 7.7% Percentage of monthly gift card buyers who purchased a gift card for themselves in 2021.
Lockdown-enhanced innovation has meant that many gift card providers have added digital options to their products and services. It means putting the card in your phone or other device.
This changed the relationship between gift card operators and their customers. For example, a push notification to remind customers that they have a gift card balance to use. Also, an opportunity for retailers to send details of offers and promotions to gift card holders.
This is especially valuable given the top-up amount consumers add to gift card purchases. And how often gift cards encourage shoppers to upgrade to new products and brands they haven’t tried before.this is the latest state of the nation Research has found that more than half of UK shoppers are introduced to a new brand or organization via a gift card they receive.
Gift cards are also an important strategy for consumers who want to manage their own and their children’s budgets. With inflation rising and the cost of living rising, people are trying to budget and measure their spending more and more carefully. For example, more and more people are buying supermarket gift cards to set their own spending limits. With rising utility bills, gift cards have become a hot topic as a way to help people pay their bills through family donations and government subsidy distribution.
Anyone who finds kids shopping in-game will recognize how gift cards are protected from bank account “raids” by die-hard Fortnite fans.
Additionally, there are many new ways gift cards can be used as a payment method for retailers and consumers beyond the examples outlined here. For example, local shops can adopt gift cards to create a form of “currency” that helps support local high streets and businesses.
All in all, it’s time for us to see gift cards not just as a way to gift, but as a payment method and fintech solution that fosters innovation in a cashless society. It’s clear that gift cards, which offer convenient and secure payment methods, will likely play an even more important role in the future. Something people trust, understand, and have immediate access to.
