Gift and prepaid card provider SVM, LP is deepening its mobile-enabled offerings with the launch of a new brand of virtual open-loop cards. Called SVM Link, the brand connects loyalty and incentive gift card users with major mobile wallet programs including Apple Pay, Android Pay, and Samsung Pay.
Closed-loop cards for a specific brand or retailer have already had this sort of real-time delivery, but open-loop cards, branded with Visa, MasterCard, or other financial institutions, have not been as quick to offer the same digital solutions. SVM aims for the new SVM Link to help bring open-loop cards up to speed.
"Virtual prepaid cards that can be used in-store close the payment gap in the prepaid card space," said John Cullen, vice president of innovation and marketing, in a statement. "The business-to-business channel has been clamoring for an innovative solution for virtual open-loop cards and SVM has delivered with SVM Link."
SVM Link enables cards to go into a mobile wallet, allowing it to be used for in-store payment within minutes of loading it, as a "tap to pay" transaction. SVM Link cards can also be used online at ecommerce stores, and recipients can request a plastic, physical card if they prefer.
"The consumer purchase experience for virtual closed-loop or eGift cards is still less than perfect," Glen Holbert, general manager of SVM's prepaid division, told Incentive. "SVM Link improves on the closed-loop experience by connecting the virtual open-loop card to the payment wallet creating a seamless redemption process via tap and pay. Unlike eGift, no barcodes need to be printed and point-of-sale limitations related to bar code scanners are removed."