Closed loop gift cards have been sold at retail and online for some time and Better ATM has brought them to ATMs. Multi-merchant open loop cards also have been around for some time and are well received by consumers, according to Mercator Advisory Group consumer research. Now Discover, Better ATM, Intelispend Prepaid Solutions and Banner Credit Union will find out if mixing these capabilities together can drive card volume:
Better ATM Services, a technology innovator in the ATM industry, today announced it has become the world’s first provider of an ATM-issued multibrand prepaid card, the myGift card. The unique ATM-dispensed myGift One Card Many Choices Discover® Prepaid Card allows consumers to shop at premier, nationally recognized restaurant and retail stores including Macy’s, Lowe’s, Outback Steakhouse, and Bonefish Grill. Cards are redeemable to buy goods and services at specific merchants that accept Discover cards.
Developed in conjunction with Intelispend Prepaid Solutions, there is also a charitable aspect that should help drive awareness for the solution:
The creation of the mutli-merchant card was made possible by working with Intelispend Prepaid Solutions, creator of the patented merchant filter process. Better ATM Services CEO Todd L. Nuttall said the ATM-dispensed myGift card makes sense. “It’s natural for ATMs to be leveraged for prepaid products as well as cash. This is a game changer in the industry and marks the beginning of a new era of value-driven, consumer focused prepaid card products with all the benefits of ATM security and convenience.
Click here to read more from the press release.