Recharge Enters Corporate Gifting Space With B2B Pilot Service

Recharge has launched a pilot B2B service enabling corporate gifting of prepaid products.

The digital prepaid payments platform’s new service is designed to support companies looking to reward and incentivize employees with gift and prepaid cards, Recharge said in a Tuesday (Aug. 15) press release.

Günther Vogelpoel, CEO at Recharge, said in the press release that the new program “is a testament to our commitment to meeting the evolving needs of businesses.”

The global corporate gifting industry grew to $242 billion in 2021, demonstrating the need for solutions such as Recharge’s, Vogelpoel added.

Recharge’s catalog contains over 15,300 products from 800+ brands globally, according to the release. Through this new service, businesses can choose from a selection of these products to give to their employees.

“We are excited to take our first steps in this space to offer a convenient and cost-effective solution for corporate gifting, empowering businesses to enhance employee engagement and satisfaction,” Vogelpoel said. “We see this as an opportunity to learn and grow our capabilities in this space in future.”

Recharge announced in October that it was launching a global marketplace that would offer digital branded gift cards and mobile top-ups.

Focusing at the time on consumers, the company said the platform would offer a one-stop shop for gift cards and branded payments cards across categories including retail, credit, gaming, entertainment and cash cards, and would help consumers manage their budget because they can only spend what they have put on their card.

“We are proud to offer the broadest possible choice to a huge range of consumers worldwide while helping people to protect their details online,” Vogelpoel said at the time. “We are also thrilled to lead the way in helping people manage their household budgets and spending during uncertain times.”

The cost-benefit analysis of gift-giving varies widely, but global corporate gifting firm &Open has seen clients gain a 12% increase in revenue after six months of gifting, Co-Founder and CEO Jonathan Legge told PYMNTS in an October interview.

“I think everybody just gets it intuitively that gifting works,” he said, adding that by “works,” he means “creates loyalty and, yes, improves the bottom line.”