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Co-branded gift cards have been a way to drive growth for businesses for several years now. This is currently managed by a 3rd party and has a cost associated with it. Also, not all of the issued gift cards are redeemed, but Partners do not have the visibility into the usage of this. A complex maze of partnerships and reconciliation of millions of records results in costly monitoring and a time consuming auditing experience. Building a blockchain-based solution helps extend the partner network.
The Catalyst addresses the following challenges:
1. Limited options for customer to use in partner outlets/ stores
- Cobranded gift cards can be cross used in limited set of partner stores.
- With blockchain, the participants in the program can be extended virtually in real-time to host of other stores with similar options.
2. Lack of settlement transparency
- Organizations have limited transparency into the usage of gift cards, amounts which are still pending on the cards and the customer usage by itself.
- Blockchain can help instantaneous settlement and transparency into the whole process.
3. High running cost of program
- Typical Co-branded cards are run in partnership with a 3rd party who handle all settlements and this incurs additional cost of running this program.
- Blockchain eliminates the need for 3rd party and allows partners to communicate and settle transactions over the network.