Gift cards were originally introduced in the early 1970s to replace paper gift certificates and to streamline reconciliation. Consumer engagement as a business tool did not become prominent until 2010.
Now, in 2023 iVertical Payment Network is the first fintech platform enabled to couple gift cards with consumer engagement enabling retailers to data mine the purchasing information of a gift giver and a gift receiver.
Today Venmo has 77.7 million users and Zelle has 61.1 million users that send money directly to another person. iVertical Payment has incorporated peer-to-peer payment for the giving and the redemption of a physical gift card at 386,000 retailers across the United States.