Prepaid Card Distributor Blackhawk Network Inc. has signed an agreement with mFoundry Inc., a mobile payments company, to offer gift cards through mFoundry’s mobile banking platform Fin.X.
Smartphone users whose financial institution has deployed Fin.X and offers this option can browse and buy gift cards electronically from entertainment, fashion, dining, and home improvement brands that have a relationship with Blackhawk Network. The purchased gift cards are accessible via the consumer’s smartphone and can be redeemed electronically at participating merchants.
The agreement will open a new channel for merchants to get their gift cards in front of potential customers, but its success will depend on the companies and partner financial institutions educating customers to look to their bank or credit union as a place to buy gift cards.
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