Consumers will purchase $149 Billion in Gift Cards this year, $30 billion of which will be purchased during the holiday season alone. Studies estimate that since 2008 a total of $44 Billion in Gift Cards are still unredeemed in people's drawers or wallets.
Although unredeemed Gift Cards have declined since 2009 due to the Card Act that prohibits gift card funds from expiring for five years, $1 Billion in gift cards still go unredeemed each year.
Unfortunately consumers couldn't use their national brand gift card, which is locked in to a specific merchant or brand, to pay any merchant. Until now…
New payment platforms and technologies enable consumers to exchange their national brand gift cards for another brand of gift card. Consumers can now buy a digital gift card, gift it, use it for purchases, and/or exchange it for a different brand of gift card.
The ability to exchange gift cards can also enable a merchant to accept national brand gift cards for payment at the PoS. And on Multiplii.Club, a site that leverages card exchange technology, cardholders are incentivized to redeem their national brand card at participating merchants so they can receive 125% of the value remaining on their card.
The added benefit to merchants, is that after a purchase, a digital Balance Card is sent to the buyer's mobile phone, which they can then only spend at participating merchants, thus keeping the digital currency within the participating merchant network of businesses.
Accepting new or unwanted gift cards provides a secure and anonymous payment option for merchants in addition to cash, check or credit card. Customers can use an existing gift card, buy a gift card online, or buy a gift card with cash or credit at more than 500,000 retail locations. Redeeming these gift cards will attract more customers to a business, and reduce a merchant’s charge backs, risk and fraud.