Nets and Gifted to develop digital prepaid gift card solution in Europe

By Megha Bhattacharya

European payment services provider Nets and digital gift card provider Gifted have teamed up to offer merchants a digital solution across the Nordics and wider Europe including DACH, Benelux and France. The solution is expected to enable instant issuing of single-use gift cards to offer an enhanced user experience for consumers, who can receive a fully usable gift card within seconds.

“We chose Nets as a well-established player in the European card issuing business with modern and flexible solutions that meet our needs for an automated and digitised solution. The agreement and Nets’ business model goes hand in hand with Gifted’s mission to expand the Gift Card market and enable every brand – big and small – to get access to efficient Gift Card programs without paying a fortune and help us to deliver a new and innovative value proposition to the gift card market,” says Peter Lansfjord, CEO of Gifted.

According to Nets, Gifted will offer the market a prepaid gift card solution, and Nets will provide the company with Account Management Services, including prepaid cards and transaction processing services and Lifecycle Management Services, including virtual cards that can be instantly issued to the wallet. The solution is fully digitised with no physical cards required, enabling Gifted to issue cards virtually.

Merchant customers across Europe will be able to partner with Gifted and ensure easy onboarding to their gift card platform, minimising the initial cost and reducing time to market.

“A partnership between Gifted and Nets is a great opportunity for us to combine our existing solutions and enter the prepaid card issuing space,” says Torsten Hagen Jørgensen, CEO of Nets Issuer & eSecurity Services. “This will further strengthen our suite of attractive payments solutions and support our European growth strategy to provide issuing services across Europe. We look forward to working with Gifted to offer modern, digital and intuitive gift card experiences benefitting cardholders across Europe.”

Recently, Nets teamed up with Austrian company Salamantex in a bid to boost acceptance of digital currencies such as Bitcoin, Ether and Ripple to in-store points-of-sale in Austria. The partnership will also help prepare for the introduction of future digital currencies such as the e-Euro.