Payment services provider Nets and gift card provider, Gifted are teaming up to offer a digital instant prepaid gift card. In particular, Nets and Gifted will to offer merchants an innovative digital solution across the Nordics. In addition, the offer extends to merchants in Germany, Austria, Switzerland, Benelux and France.
The solution enables instant issuing of single-use gift cards to offer a frictionless user experience for consumers. So much so, that consumers will receive a fully usable gift card within seconds.
Gift card market: worth €900bn by 2024
Nets forecasts that the global gift card market will grow approximately 12% over the next five years to total €900bn by 2024.
Gifted offers the market a prepaid gift card solution. Meantime, Nets will provide the company with Account Management Services. This includes prepaid cards and transaction processing services and Lifecycle Management Services. These include virtual cards that can be instantly issued to the wallet. The solution is fully digitised with no physical cards required, enabling Gifted to issue cards virtually.
Merchants will benefit from digital gift cards that integrate seamlessly into their regular payments flow. For customers, the experience is very similar to any digitally issued payment card. Nets says it will be easy for merchant customers across Europe to partner with Gifted. In doing so, they ensure easy onboarding to their gift card platform, minimising initial cost and reducing time to market.
“We chose Nets as a well-established player in the European card issuing business. With modern and flexible solutions, it meets our needs for an automated and digitised solution. The agreement and Nets’ business model goes hand in hand with Gifted’s mission is to expand the Gift Card market.
Nets, Gifted: a collaborative partnership
It enables every brand – big and small – to get access to efficient Gift Card programmes without paying a fortune. And it helps us deliver a new and innovative value proposition to the market,” says Peter Lansfjord, CEO, Gifted.
The partnership is collaborative, with plans for on-going co-creation workshops with both UX teams to drive continuous product innovation.
“A partnership between Gifted and Nets is a great opportunity for us to combine our existing solutions and enter the prepaid card issuing space,” says Torsten Hagen Jørgensen, CEO of Nets Issuer & eSecurity Services. He continues:
“This will further strengthen our suite of attractive payments solutions. And it supports our European growth strategy to provide issuing services across Europe. We look forward to working with Gifted to offer modern, digital and intuitive gift card experiences benefitting cardholders across Europe.”
The virtual gift card solution from Gifted and Nets launches during 2021, with the Nordics being first to launch.