Multi-store gift cards and those regulated by the EU’s E-Money directive mean shoppers can give gift cards worry-free
GIFT CARDS have been a go-to Christmas present for many years, but with so much uncertainty on the high street, shoppers must be savvy when deciding which kind of gift card to give to loved ones.
PIF (Prepaid International Forum) the representative body for the Regulated Prepaid industry is anxious that consumers are aware of the benefits to buying Gift Cards from e- money regulated companies.
Unlike single store gift cards, multi-store cards such as the One4all Gift Card sold in Post office branches and the Love2shop Gift Card are regulated (under the EU E-Money directive), which requires all money loaded onto cards to be ring-fenced, to ensure that – if the company issuing the card runs into difficulties – the money on that gift card is safe.
What’s more, as multi-store gift cards can be spent in a range of different stores, even if one retailer shuts down, recipients will still be able to find a multitude of stores to spend it in. In the case of the One4all Gift Card it is accepted in 55,000 outlets on both high street stores and online – including leading high street shops like John Lewis, Marks & Spencer, Primark, Argos, H&M and TK Maxx.
Diane Brocklebank Executive Director with PIF commented: “Following the news that high-profile retailers like House of Fraser can collapse, shoppers are naturally going to be concerned that they are at risk if they buy gift cards for loved ones at Christmas – but they needn’t worry with a multi-store gift card.
“Not only is there the option to spend the gift card at any number of retailers both in-store and online, instead – meaning they can still use it to buy something they’ll love if one of their favourite stores shuts down – but their money is safe thanks to E-money regulations, meaning even in the highly unlikely event of the issuing business going into administration, card holders will not lose the value on the card.”
Alan Smith, MD at One4all Gift Cards and a member of PIF commented that consumers have always had an attraction to gift cards to solve “those hard to buy for” gift decisions and should feel they can continue to do so with safe and protected gift card offerings such as One4all from their local Post Office.
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NOTES TO EDITORS
About Multi Store Gift cards
What makes Multi Retail different from other gift cards?
A multi-store gift card that can be used in a wide range of retail chains and in thousands of their outlets nationwide. This delivers the advantages of choice and convenience to recipients over traditional single chain gift cards.
What are the advantages of Multi Store Gift Cards?
With a Multi Store Gift Card you can spend any amount up to the full value of the card in a range of thousands of selected retailers. Your gift card is deducted by the exact amount of purchase and the balance remains on your card, allowing you to use it in a number of different stores. The Gift Cards can be redeemed against anything from fashion outlets, department stores, home and garden, electrical goods to travel and hotels, so you can be sure that your recipient will always get what they want!
What are examples of Multi Retail Gift Cards available in the UK market?
The One4all Gift Card which is sold at 11,500 post offices nationwide is one of the most recognised and accessible multi retail gift cards on the market.
You will also see some payment scheme branded cards under the Visa and Mastercard brands available in supermarket outlets and other national chains.
The Love2Shop brand which is popular with hamper savers is also a regulated multi retail gift card,
The Prepaid International Forum (PIF) is the not-for-profit industry body representing organisations who are regulated under e-money and payment services legislation and who operate in the high-growth prepaid and fintech sectors. Prepaid technology underpins a vast range of financial products, from everyday payment accounts and challenger bank accounts to corporate incentive and expense management solutions. Driven by a belief that prepaid delivers a wealth of financial and social benefits, PIF works to protect and advance prepaid as a driving force for innovation in financial services.
To learn more about PIF visit www.paymentsinnovationforum.org and follow us @prepaidintforum