Harrison Hines, the co-founder and CEO of our portfolio company Seashells, shares the shifting tides of gift cards in an interview with PYMNTS. From gathering dust in envelopes in the backs of drawers or forgotten in purses, gift cards are now going digital, paving the way for instant cash back. Seashells has built on that premise changing its original savings and rewards scheme to ride the wave of digital gift card giving offering the benefit of instant cash-back rewards to both consumers and retailers.
“Let’s say you are buying something for $112.08 from Amazon,” Harrison Hines said. “You are seeing the total you owe. Then, rather than putting the credit card information into Amazon and paying the normal way and just getting your normal credit card points, you could essentially click that $112.08 total amount, and what we are doing in the background is generating a digital gift card for the $112.08 that you owe.”
“We are using that to pay instantly,” Hines said. “By doing that, we can pass along cash back instantly. We can pay the retailer net of our commission.”
Read the article here.