Virtual Prepaid Cards: The Safer Payment Alternative in 2021
According to Google, 56% of Canadian shoppers say the pandemic will affect how they will shop this year. With e-commerce on the rise, brands are having to shift their marketing strategies this holiday season and appeal to the popular shopping periods such as Black Friday, Cyber Monday, and others leading up to Christmas. With the dramatic effect this pandemic has had on our world, the future has become increasingly uncertain for businesses in all sectors. Consumer concerns over safety have changed traditional shopping methods such as going to malls and paved the way for contactless and cashless payment options—virtual prepaid cards.
Virtual prepaid cards are excellent examples of contactless and cashless payment methods that offer physical safety and online security. Users simply need to check their inbox, securely access their virtual card and then safely shop online. Virtual prepaid cards can also be used as incentive cards that enable businesses to facilitate payments instantly via email.
Brands that implement virtual prepaid cards quickly realize the wealth of benefits they provide. They are quick to launch, easy to administer, and can be loaded with any denomination. Consumers also realize many benefits—their funds are protected and secured, cards can be saved for safekeeping, and users have mobile wallet access to view usage data, including transactions or card balances.
Recent data helps illustrate how payment habits have changed in the current consumer landscape—and how brands can adapt using online incentive delivery and redemption. 71% of Americans expect to do more than 50% of their holiday shopping online. In Canada, Statistics Canada reports e-commerce sales more than doubled year over year, with a 110.8 percent increase compared with May 2019, pointing to an opportunity for brands looking to thrive in this new economic climate.
Ready to get started?
We recommend planning your incentive plans early because the right incentive at the right time is the key to a successful campaign. Click here, to check out our interactive Virtual Card demo.
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