Prepaid Cards Lock in Future Consumer Spending, Helping Merchants Secure Future Cash Flow
HONG KONG, Nov. 18, 2024 /PRNewswire/ -- Hong Kong gift card industry pioneer 33 Finance, a Stored Value Facility (Licence no.: SVF0010) licensee under the Hong Kong Monetary Authority, has gained the trust of 10 major shopping mall brands in Hong Kong, and its gift cards are now accepted in 41 shopping malls, ranking it number one in terms of market share in Hong Kong. The company has been committed to promoting gift cards and prepaid products, helping Hong Kong merchants lock in future consumer spending, secure future cash flow, and enhance brand visibility through a variety of partnership models.
Following its successful launch of Hong Kong International Airport's first gift card, 33 Finance is now partnering with Festival Walk in launching the mall's first exclusive gift card ahead of the Christmas and New Year gift-giving season, providing a more flexible option for giving gifts to family members, friends, and corporate business partners. The Festival Walk gift card is available in denominations of HK$200, HK$500 and HK$1,000, and can be used at over 160 merchants within the mall, covering luxury fashion brands, beauty and cosmetics, electronics, lifestyle, general merchandise, as well as entertainment and leisure venues. Recipients can redeem the cards for any gifts that suit their personal preferences.
In recent years, major brands have been actively exploring the feasibility of launching their own private label gift cards, aiming to create a win-win-win situation for the brands, in-mall merchants, and consumers. For the brands, it can effectively enhance customer loyalty and locks in their future spending, thereby laying a solid foundation for the brands' turnover in the coming year. For the in-mall merchants, it can increase marketing opportunities and boost sales. For the consumers receiving the cards, it offers a wider choice of merchants and the flexibility to defer their purchasing decisions. As per the requirement of the Hong Kong Monetary Authority, customer funds in stored-value cards must be 100% safeguarded. This measure aims to ease consumers' concerns about the safety of funds associated with prepaid consumption, giving them peace of mind when using gift cards.
Yuen Tak Ching, Chairman of 33 Finance, said, "Gift cards are not only popular among individual consumers but are also increasingly embraced by corporate purchasers, who order in bulk for use as corporate gifts and staff incentives. Gift cards provide a convenient and flexible gifting option for birthdays, festivals, and special occasions, and help with brand promotion because for bulk or corporate orders, the denominations can be customised, and bespoke design is also supported. Gift cards offer convenience to both gift givers and recipients."
Adhering to its philosophy of "Share Value, Enjoy Life," the company will explore opportunities to partner with all sectors, including Hong Kong's entertainment and tourism industries, continue to drive the development of the local gift card market, showcase gift cards' benefits for consumption and sales, provide Hong Kong and overseas users with the new experience of a more secure prepaid consumption, and at the same time bring more profit opportunities and customers to merchants.
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