Coinstar today announced a strategic partnership with PrePay Technologies, the UK market leader in stored value card solutions to allow the PrePay Technologies’ portfolio of leading high street gift card issuers to be distributed via Coinstar’s Gift Card Mall host retailers.
Coinstar and PrePay Technologies are also working together to craft innovative Prepaid Debit solutions, meaning UK consumers are set to benefit in the years ahead.
"PrePay Technology is the leader in the UK stored value market, creating, processing and managing stored value card programmes for many of the leading UK high street retailers," said Alex Camara, Coinstar Limited Managing Director. "We have partnered with PrePay Technologies so that this wonderful and growing portfolio of gift cards can now be sold outside of the issuing merchant's stores, via Coinstar's innovative UK Gift Card Mall programme."
The Gift Card Mall consists of a display rack of popular high street retailers including department stores, clothing, and electronics, as well as experience cards including holidays, sporting events, and cinema outings. The programme gives the host retailer an innovative, turnkey product - that will drive incremental traffic, sales and profits into the store. In addition, it also creates a new way for consumers to buy gifts in the form of gift cards for their friends and family.
"Coinstar's UK team has created an innovative and disruptive distribution channel for our gift card issuers, which they have embraced with passion," said Philippe Dufour, CEO of PrePay Technologies. "Instead of just selling gift cards in their own stores, they will now have the ability to acquire customers in thousands of new high-footfall locations throughout the UK. This is a very exciting development for PrePay Technologies clients, UK consumers and the UK gift card market."
The Coinstar Gift Card Mall programme launched initially this festive season at more than 540 WHSmith high street stores. Additional UK host retailers are expected to be added to the programme over the coming months.
PrePay Technologies recently issued the 10 millionth prepaid card under its various prepaid programmes; an achievement described by the firm as being "just the tip of the iceberg."