New Irish multi-brand digital gift card launches to the market

A new multi-brand digital gift card, OptionsCard, has launched bringing a focus on trust and transparency to the Irish market, while providing an alternative to employers when looking to reward their staff. With a no fees policy and always visible live balance in the consumer’s mobile wallet, OptionsCard aims to counter the perception of unfairness among consumers towards current gift card products. OptionsCard.ie is part of Irish-owned Ovation Incentives led by Cork native Jonathan Grey.

According to an iReach consumer sentiment survey of over 1,000 adults nationwide commissioned by OptionsCard.ie, 80% of consumers believe it is unfair to charge fees on gift cards. The research has uncovered a tangible negative sentiment towards multi-brand and “spend anywhere” gift cards in the Irish market. 46% of consumers have lost funds to gift card fees.

7 in 10 (71%) claim that when giving a gift card to someone, they worry that there may be an administration or non-use fee applied to their gift. OptionsCard was created to provide a different type of gift card experience and removes many of the restrictions and costs faced by employers rewarding their staff and consumers sending gifts.

The market for gift cards in Ireland is expanding rapidly as a result of the small benefit tax exemption enabling employers to give all employees up to €1,000 per annum, free from taxes to both the employer and employee. With a market size approaching €800m, on average, spending on gift cards in Ireland is up to 66% more per person than the European average at €135 per person v €81 per person (Source: IMA Europe – European Incentive Market Report – 2023 March).

A majority of respondents (86%) claim that charging a monthly administration fee on the unused balance of a gift card after 12 months or a period of inactivity, is unfair.

The survey also revealed that 62% of consumers see a gift card as a special treat, preferring to spend it on something that they would not normally buy, such as a premium product or experience. The new OptionsCard can be redeemed for more than 60 premium digital gift cards at launch from brands such as Brown Thomas, Ikea and Ticketmaster.

Women buy more gift cards each year with 57% of the respondents buying up to 4 gift cards, compared to 39% of the male respondents.

Jonathan Grey, MD, OptionsCard.ie commented at the launch: “The research confirms what we already know anecdotally, people can’t understand why some gift cards have fees and are looking for an alternative they can trust.  That’s why we created the OptionsCard so business and consumers can have a world-class gifting experience with no fees, or fuss.”

He added: “Gift cards are there to put smiles on people’s faces, to help build relationships.  Our job at OptionsCard.ie is to make the smile bigger and the relationship stronger by being a trusted and transparent gift card company.”

“We only earn an income when a customer redeems their OptionsCard – that means we want our customers to have the best possible experience, use their OptionsCard and share it with their friends and family. It’s not in our interest to see a gift card go unused, that’s why we’ve made it easy to send and easy to spend.”

Almost 4 in 10 (37%) would share their last gift card value of €20 with a family member and 31% would share the last €20 on their gift card with their partner. OptionsCard allows people to easily share or re-gift part of their gift card.

OptionsCard holders will have access to exclusive special offers and promotions from retail brand partners. By combining two or more OptionsCards together consumers can increase their buying power.

The nationwide survey was carried out by iReach in September 2023 among a representative group of 1,002 adults.

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