Payment Methods

Consumers Prefer Gift Cards For Special Events


InComm, a leading prepaid product and transaction services company, released the results of its survey on purchasing and giving gift cards for specific events and special occasions.

According to a press release, the survey found that 100 percent of the more than 500 respondents purchased one or more gift cards last year. Birthdays were the most popular occasion for giving a gift card, followed by graduations, weddings and to say thank you.

Millennial respondents (between the ages of 25 and 34) revealed they often give gift cards when a friend or loved one has a new baby (50 percent) and when a new home is purchased (29 percent).

And aside from giving gift cards, 82 percent of respondents said they would appreciate receiving one on their birthday, while 39 percent would want a gift card for their graduation, 34 percent for an anniversary and 42 percent as a thank you.

“The versatility of open-loop gift cards benefits both the giver and the recipient. They are quick and convenient gifts that, as this data suggests, are appropriate for any number of occasions, alleviating much of the stress that can come with gift shopping,” said Brian Parlotto, sales & marketing executive vice president at InComm. “With closed-loop options, which are accepted only in certain stores, and open-loop options like Vanilla Gift, which are accepted anywhere, the giver can personalize the gift, and the friend or loved one who receives the gift card will be sure to get something they want.”


Featured PYMNTS Study:

More than 63 percent of merchant service providers (MSPs) want to overhaul their core payment processing systems so they can up their value-added services (VAS) game. It’s tough, though, since many of these systems date back to the pre-digital era. In the January 2020 Optimizing Merchant Services Playbook, PYMNTS unpacks what 200 MSPs say is key to delivering the VAS agenda that is critical to their success.

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