As the need for faster, cheaper and more efficient payments grows, companies need to transfer value to the end user and enable use cases such as loyalty, employee compensation, rebates, money transfers and refunds. There is great demand from
But according to Aaron AlexanderCEO and Founder of a UK-based Digital Incentives Platform Operator we giftwith today’s traditional payment infrastructure, brands can typically transfer their value only through the slow, expensive and complicated bank and credit card rails.
“What we have discovered is that this B2C payout market, where companies are trying to send a lot of value to the people they serve, is underserved and lagging behind in terms of payment technology and payment infrastructure. It’s what we’re doing,” Alexander told PYMNTS in an interview.
It adds that it does not take into account the significant growth of digital assets and the tokenization of assets, pointing to Boston Consulting Group (BCG) estimates that the tokenization of assets will reach $16 trillion by 2030. , which is equivalent to about 10% of the world’s GDP.
To help brands enter this trillion-dollar market and drive more spend, WeGift has the supply, demand, and and built a three-sided market where integration of API infrastructure is provided. A safer and more efficient method than traditional payment methods.
“We have enabled these companies to leverage Rails to effectively move money over the internet in real time from corporate wallets to consumer wallets, simply by sending an email,” said Alexander. Individuals who describe and receive the value, consumers, employees or members can redeem at merchants on the network.
Acceptance of merchants
So far, the company, which operates in more than 30 countries, has acquired quite a few companies with over 1,500 major brands in its portfolio, including Airbnb, Nike, Instacart, Mint Mobile and Vodafone.
The company’s technology associated with multi-currency management allows customers to manage their funds and make payments securely in 20 currencies, eliminating exposure to foreign exchange (FX) risk.
Alexander said the future focus will be on internationalization and reducing cross-border barriers, as well as adding more asset types, for example to enable frictionless transfer of value between different wallets.
Merchant acceptance is also important as we see increasing demand from merchants who want to work with WeGift to accept and issue assets via gift cards, NFTs, subscriptions or product level tokens.
“Our next step is to enrich our merchant network and give our merchant partners more tools to leverage digital currencies.
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