A revolution in the concept of gift giving is happening before our eyes where the rise of online retail has changed the dynamic of buying presents towards a wholly digital process being facilitated by iGoDirect’s virtual gift cards platform.
The change is being driven by the rise of gift cards being exchanged online through iGoDirect’s True Rewards Visa Digital Gift Card platform where users can buy and send gift cards virtually. Once received, the recipient can use the card immediately via online stores or link it through their phone to tap in-store via Apple Pay or Google Pay.
Demand for gift cards, in particular digital gift cards, have been increasing in Australia over recent years where the industry is expected to grow by 10.8% each year over the next four years to reach approximately $8.6 billion by 2024.
“Instead of relying on traditional channels of physically distributing cards to customers or staff, we can bypass the overcrowded postal systems while actually creating a faster and better experience for everyone who we need to reward – and for whatever reason,” said iGoDirect CEO and Founder, Pat Dalton.
“We’ve watched the world change rapidly recently and this product couldn’t be more relevant and necessary. Our reasons and motivations for sending rewards and gift cards have changed ever so slightly, but how we deliver that experience has and will rapidly transform the way we create, manage and engage in digital gifting.”
The platform is powered by fintech company Novatti Group (ASX: NOV) which enables the cards to be issued, loaded instantaneously and tracked via mobile wallets within seconds of online purchase, and then gifted via email, text or mobile app.
Using iGoDirect’s True Rewards platform, users can purchase gift cards spanning Australia’s most popular retail brands including Amazon, Harvey Norman, Myer, Uber, Kogan, Google Play and many more. With the instantaneous nature of the platform, gift cards can be exchanged without the need for postal services, or risk of loss in transit.
This application of iGoDirect’s digital gift cards continues an active few months for Novatti which have also been busy developing backend payments infrastructure for the Lifepay digital banking app and the LITT community ecosystem app. The coming weeks are also expected to see Novatti’s work in action with the launch of RentPay by Rent.com.au (ASX: RNT) – a collaborative app tipped to disrupt the rental industry by providing a much needed bridge between tenants and landlords.
The ‘True Rewards’ Digital Visa Gift Card is now available to purchase at www.truerewards.com.au.
Alfred Chan is an Analyst at Emerald Financial, specialising in ASX-listed small cap companies.
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