Gift cards, rewards programs, and coupons are just some of the more common forms of branded currency. They have just as much monetary value as “real” currency and the demand and usage of them continues to grow. It’s not just traditional merchants who utilize branded currency – even social media and digital gaming are introducing their own branded currency via points or other incentives that users can buy to enhance their experiences. Learn more about the projected impact branded currency may have on the fintech industry:
Continued Demand for Convenience
Branded currency has made it extremely convenient for consumers to get access to funds, make purchases, redeem rewards, and view account information. This easy access may shape how consumers view currency and set their expectations for speed and ease of use, making retailers more likely to invest in payments processing that is as instantaneous as possible.
Growth in Mobile Wallets and Apps
The structure of branded currency is largely digital, as paper-only coupons or offers are becoming a thing of the past. The fintech industry is projected to continue to see growth in mobile wallets and other payment or rewards apps. In order for branded currency to be utilized on-the-go, merchants must be able to provide simple and convenient ways for consumers to do so.
Reduction in Processing Fees
Merchants are cutting out the middleman with the rise of branded currency. When their consumers opt for obtaining branded currency, it reduces the amount of interchange fees that must be paid to payment providers – more of the consumers’ transactions will be within the framework of the merchants’ currency rather than with debit or credit cards processed by a financial institution.
Demand for Seamless Integration
As more channels for branded currency are developed, there will likely be an increased demand by consumers for them to be able to use their other payment methods, whether it’s peer-to-peer payment apps or traditional online payment from their credit or debit card, along with it. The fintech industry will need to be prepared to have their processes seamlessly integrate with branded currency channels.
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