Leading prepaid product company InComm made an exciting announcement on Wednesday, unveiling new digital open loop prepaid cards for use as incentive and loyalty program rewards. The new cards can be delivered immediately to any email address, and seek to improve the loyalty reward distribution experience.
Unlike closed loop prepaid solutions, the new InComm digital open loop cards carry the Visa name, and can be used on any online store that accepts Visa debit cards. The cards will improve customer experience when earning and using loyalty program prepaid rewards.
“More and more rewards programs utilize gift cards as a reward or incentive,” said Mike Fletcher, General Manager of InComm Digital Solutions. “Being able to instantly deliver an open-loop reward adds value to the customer experience by making it easy for the customer to purchase whatever they wish immediately. Challenges related to managing inventory, reporting, and reconciliation have held many companies back from offering digital open loop. InComm is pleased to mitigate these concerns by adding the products to a robust platform designed for fulfilling and managing stored value in B2B environments.”
Fletcher added: “With these digital open-loop cards, InComm is excited to round out our product offering for loyalty and incentive programs. By offering open- and closed-
loop products in digital and physical formats through a single platform, we provide incentive program managers a wide range of choice and flexibility. With open loop playing an increasing role in incentives programs and digital prepaid on the rise for self-use, this product is an important offering.”
The latest move from InComm is backed up with statistics from a recent study conducted by the Incentive Research Foundation. The study finds that open-loop prepaid cards are the most popular prepaid incentive used in loyalty programs, with 62% of companies (annual revenue between $1 million and $9 million) indicating that they prefer open-loop cards to other prepaid options.
In-house research conducted by InComm has also found that 55% of consumers are interested in storing gift cards in their phone, leading the company to develop digital solutions that can be redeemed online.
Headquartered in Atlanta, InComm provides prepaid solutions for loyalty programs in over 30 countries.