gift cards

Gift Cards Just Went to a Whole New Level of Cool!

Everyone is familiar with gift cards, they like to receive them and they like to give them, but …

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Branded Currency Is Still on Trend

The average consumer is spending $59 more than the original value of their gift card, up $21 from 2017, according to the 2018 Prepaid Consumer Insights Study released by First Data. The report shows lift is being generated from gift card spend and continues to highlight a year-over-year branded currency growth trend.

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Gift Card Spend Averages $59 Over Face Value

First Data’s 2018 Prepaid Consumer Insights Study found that the average consumer is spending $59 more than the original value of their gift card, marking an increase from $21 a year ago. In a press release, First Data said the report shows a significant lift is being generated from gift card spending.

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Major Retailers Brace for Gift Card Fraud

To counter fraud as the holiday season approaches, Best Buy, Target and Walmart made changes to their gift card programs. The moves were announced by the attorneys general of Pennsylvania and New York, Reuters reported. They also come amid an initiative to take on fraudsters that has run for a year.

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Data: Reinventing the Gift Card

As the gift card market grows and becomes increasingly digital, so has the product’s utility. Thus, many consumers are shifting their habits and buying gift cards for themselves either due to an incentive program or to help with budgeting.

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VIDEO: Where Are Consumers Redeeming Gift Cards?

– 33% at an online-only retailer– 21% at a mass merchandiser or discount retailer– 14% at department stores– 12% at fast food restaurants– 11% at coffee shops– 11% at apparel storesData for this episode of Truth In Data was provided by Mercator Advisory Group’s report – Consumers and Prepaid: Shifting Toward Digital.

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VIDEO: When It Comes to Gifting Is Cash or Prepaid King?

Whether receiving funds as a gift, or just receiving funds generally, theres a steep and steady decline in consumers receiving funds on prepaid cards…

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Square Offers eGift Cards in the UK

Square has announced that it will be offering eGift cards in the U.K. to help small businesses boost revenue during the upcoming holiday shopping season. The news comes as U.K.’s High Street posted its worst August performance in three years, which makes this holiday shopping season crucial for these retailers.

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