Triple and Prizeout Team for Digital Gift Card Offering

Ad-tech firm Prizeout says it has formed a partnership with card-linked offer platform Triple.

The partnership, announced Tuesday (June 13), lets Triple customers access premium offers from their favorite retailers via Prizeout’s digital gift cards.

“This partnership, in particular, makes a lot of sense for Prizeout,” Holly Glowaty, co-founder and chief partnerships officer at Prizeout, said in a press release.

“We share similar industries and value propositions as Triple; their connections and customer base will certainly help scale our offers distribution. In turn, we are thrilled to be a critical piece of their suite of deals and offers.”

Prizeout offers an online marketplace where more than 1,300 brands bid for the attention of customers by offering gift cards loaded with bonus value. Once a customer chooses a brand, they get a card sent to them via email with no fees.

PYMNTS spoke with last month Brendan Grove, chief technology officer and another co-founder of Prizeout, about the way branded currency — the currency that’s attached to gift cards — can be a strategic differentiator

As that report noted, the equivalent of $21 billion sits waiting to be used on gift cards. If harnessed correctly, brands can use that currency to unlock that value, engage and re-engage with customers, secure brand loyalty and uncover new audiences.

“Marketers looking for an edge isn’t necessarily something new,” said Grove.

But in today’s environment, companies are facing increased competition across platforms for consumers’ share of wallet, while the cost of capital is keeps going up.

“Brands are looking more and more for efficiencies — and not always just new user growth,” Grove said. “Increasing the lifetime value of a customer is becoming a big focus.”

As for that untapped $21 billion, Grove said accessing it will be made easier via the “continuing shift to digital — and by brands being digital-first.”

Those cards are sitting unused in desk drawers, while their owners are seeking extra spending power. The combination of brand awareness, self-directed spending, and the digital platform model assisting it all, he said, “will drive down those unspent funds.”

Prizeout’s partnership with Triple follows a collaboration in April between Triple and Banyan to enable item-level card-linked offers.

As PYMNTS reported, the collaboration integrates Triple’s card-linked offer platform will integrate Banyan’s stock keeping unit (SKU) data capabilities, letting banks and retailers that use Triple benefit from enhanced reporting and more targeted offer constructs.