Virtual gift cards are a code sent to the recipient via an electronic platform. They are known by many different names: eCodes, eCertificates, and many others. Most retailers and a host of online vendors offer consumers gift cards as a means to shop or give money to friends as gifts. They may be physical (typically paper or plastic) and digital (virtual gift cards). Each of these options comes with a range of features and benefits. If you intend on using them or have received one, it will be helpful for you to understand how they work and particularly how they differ from other payment methods.
Virtual gift cards are used as a substitute for cash and can be used for purchases or as gifts to someone else. They are often a more convenient and safe method of making purchases or giving gifts than cash is. Physical gift cards may be presented in-store or used online. Virtual gift cards are designed to be used online, in-store or on your phone. They can also be added to mobile wallets to make purchases even easier and more secure.
How do Virtual Gift Cards Work?
A gift card is a form of payment that can be used to make purchases at retail stores, restaurants, petrol stations, and many other locations. Money is loaded onto the card, which you, or whoever you gave the gift card to, can spend at participating locations. In broad terms, there are two types on offer, whether they are virtual or real, physical ones. There are those that can be used at a number of different vendors that are part of the participating network (referred to as open-loop cards) and those that can only be used at a specific vendor (referred to as closed-loop cards). An open-loop gift card can be used to buy fuel, clothing, groceries, etc. at a number of participating vendors. A closed-loop card, on the other hand, can only be used at a specific vendor and nowhere else.
The Benefits of Using Virtual Gift Cards
They are easy and convenient to use. They are a safe substitute form of payment if you don’t want to pay cash or use your credit card. They are helpful when you have to buy a gift for someone you don’t know well as they allow the recipient to choose something for themselves at a time that suits them. Unlike debit cards, you can use virtual gift cards yourself or give them to anyone else to use. They can also not be lost or stolen.
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