Singapore company latches on to gift card craze

Cashless payment giant Network for Electronic Transfers Singapore (NETS) has launched a new electronic gift card management solution for retailers to replace paper gift vouchers and provide more convenience and value for money for shoppers.

NETS has developed the electronic gift card management solution for merchants to better manage their gifting accounts.

The software assists retailers to monitor the total gift cards sold and track information such as amount used and expiry dates. Installation is simple with upgrades in the point-of-sale terminal, allowing the customer’s electronic gift card to be swiped for purchase.

“Gift cards are really the way of the future,”said Suman Balani, general manager for NETS payment, cards and loyalty business.

In the US and the UK, gift cards are today the fastest growing consumer payment system. With a electronic gift card programme in place, merchants have seen their sales increase by 20 to 30 per cent as customers tend to make repeat visits to their stores to use up the balance in their gift cards, resulting in better brand awareness for these merchants.”

Singapore retailer, Metro Ltd, is the first to sign up for NETS new service, with the launch of its in-house electronic gift card.

The Metro Gift Card enables the gift giver to determine the card’s value and allows the recipient to choose the gift that he or she wants from a wide range of merchandise available at all Metro stores. Furthermore, the value on the Gift Card can be topped up as often as needed.