Mobile gift cards for digital wallets, offered by Mastercard, now available in the United Kingdom.
Mastercard, CleverCards, and Appreciate Group Team Up to Simplify Gift Card Payments
In a move that could revolutionize the way consumers make purchases during the holiday season, Mastercard, CleverCards, and Appreciate Group have announced a partnership to introduce a fully digital gift card.
The collaboration aims to streamline the process of buying, sending, and redeeming gift cards, making it as simple as any other payment method. According to Scott Abrahams, senior vice president of business development at Mastercard, the partnership intends to "make paying with gift cards as simple as any other payment method."
The partnership comes at a good time for shoppers approaching the holidays. Consumers plan to spend more than $200 on gift cards during the 2019 holiday season, according to a Blackhawk Network BrandedPay survey. Furthermore, research from the National Research Foundation reveals that 59% of consumers want to receive gift cards during the 2019 holiday season.
Mastercard's digital e-gift cards can be used online and in-store with 61 U.K. retailers, including Topshop, TK Maxx, and John Lewis. The gift cards can be added to mobile wallets for convenience, and recipients can send a gift card immediately via email, text, or messaging app.
CleverCards and Mastercard are also planning to expand their platforms across debit cards, expense cards, corporate and customer rewards, and other payment tools. This expansion could potentially simplify checking balances for consumers and cut down on gift card production and distribution headaches.
Mastercard has a history of partnering with innovative companies to improve payment methods. In 2019, Mastercard backed Apple's debut credit card. The company has also partnered with Levi Strauss & Co., Marks & Spencer, VF Corporation, and the Business for Social Responsibility to provide digital payments to garment workers.
Mastercard's latest acquisition, Ethoca, a fintech firm with an international network of more than 5,000 merchants and 4,000 financial institutions, could also play a role in the expansion of the digital gift card platform.
As the holiday season approaches, the partnership between Mastercard, CleverCards, and Appreciate Group could offer a more convenient and efficient way for consumers to purchase and send gifts.
