In Nigeria, many banks have reduced the dollar spending limit as forex scarcity rises, so it is now difficult for people to purchase things outside the country.
It was said that the reduction of Foreign currency by banks for customers is as a result of the drop in crude oil prices and also the COVID-19 pandemic.
Nigerians are now finding it difficult to purchases things or get things for themselves but with Gift cards, it is easy for them to purchase and get themselves things outside the country.
In my last post, we talked about the Giftcard payment solution in Nigeria
In today’s post, we will be talking about the benefits of Gift Cards for Nigerians
First off, there are as many types of gift cards as there are the merchants selling them.
If my records serve me correctly, we have more than 100 active gift cards out there. Amazon, Walmart, and Target gift cards are in the top 3.
We have others like eBay, Apple, Mcdonalds Gamestop gift cars.
Now, why opting for gift cards? are they really worth it?
Gift cards reduce fraud: The use of an electronic gift card allows for partial redemption, leaving the rest of the balance stored on the gift card and eliminating cash backs.
The company that owns the trademark for the gift card can create more brand awareness by selling her gift, cards.
A gift card can be cheaper than paying directly.
This, in turn, can attract new customers for the company.
Perceived value is greater with gift cards compared to coupons.
I mean for example if you buy a 400usd worth of gift card and you only need a 100usd worth of the item, you are bound to revisit that particular store to exhaust your card balance.
It is easily sharable and distributed.
By far more convenient; Once you have loaded enough gift cards into your account, you do not need an OTP, or a token as you would when making the payment with your credit card.
It is non-returnable and non-refundable once purchased redeemed.
More secure. This needs no further explanations.
It helps you to generate revenue in advance of sales:
You will not pay until the card is redeemed.