Everyone likes to have options, especially rewards recipients.
Whether you’re rewarding someone for participating in a research study, celebrating a milestone for an employee, or welcoming a new client to the fold, virtual prepaid gift cards offer the kind of flexibility your recipients will appreciate.
Unlike an Amazon e-gift card, for example, virtual prepaid gift cards can be used like a debit card anywhere it’s accepted, giving even more choices of what to spend it on.
But not all virtual prepaid gift cards are created equal. As you optimize your rewards program to include this popular choice, hare are some of the differences your team should consider.
READ MORE: Is Cash Still King? 8 Times a Digital Prepaid Card Is Better
This distinction is important because it dictates at which retailers the card can be spent. Mastercard and Visa rewards are widely accepted, whereas an American Express- or Discover-branded reward card typically has more limited redeemability.
Small mom-and-pop shops and emerging businesses tend to accept Mastercard and Visa because their transaction fees are far lower. If you want to support shopping local—and give the most flexibility—these cards are a better choice.
Some prepaid cards can be spent with merchants in more than 150 countries, while others have location restrictions. It’s always a good idea to check where in the world a reward card is accepted to make sure it aligns with your recipient base.
Certain virtual prepaid gift cards allow recipients to easily transfer the balance to a digital wallet like Apple Pay or Google Pay. Such mobile wallets are becoming more and more popular, especially among younger consumers, because they offer the flexibility to use digital payments in brick-and-mortar stores or restaurants, with only your smartphone.
According to Capital One Shopping Research, in 2023, 59% of Americans 27 to 42 years old used digital wallets more than other shopping methods, and 50% of those 43 to 58 preferred digital wallets. What’s more, 72% of Americans considered adopting digital wallets as their primary payment method for shopping.
It’s not likely that your rewards program would need reloadable cards, since many incentives are a one-time send. Just be aware that it’s a feature of some virtual prepaid gift cards and may change the way they can be purchased and redeemed.
Finally, offering rewards is your organization’s opportunity to make a favorable impression. To get the most bang for your buck, consider opting for virtual prepaid gift cards that give you at least some flexibility to add your own messaging and branding. Possibilities include:
Virtual prepaid gift cards are just one of hundreds of BHN Rewards options. There are also 300 global e-gift cards and e-donations you can make part of your rewards program. Check them all out here.
BHN Rewards puts the power of digital rewards to work for marketers, researchers, and HR managers. Don't forget to check out all the great content in our Resources section!
BHN Rewards puts the power of digital rewards to work for marketers, researchers, and HR managers. Don't forget to check out all the great content in our Resources section!
