In 2022, mobile wallets accounted for roughly half of global e-commerce payment transactions, according to Statista.
With payments going digital, it’s no surprise that rewards are too — 63% of respondents in a 2022 BHN survey reported wanting digital gift cards.
As you continue to optimize your rewards program, including a prepaid virtual Visa or virtual Mastercard option is ideal. Recipients consistently say they like having flexibility when spending their rewards, a hallmark of both cards, which can be spent online or in person.
Because these two prepaid cards are a little different from e-gift cards to retailers, restaurants, or service providers (and from each other), we’ve answered all the questions you might have before introducing them to your rewards recipients.
READ MORE: Why You Should Go Digital With Prepaid Incentive Cards
A. The short answer is nothing. Both a prepaid virtual Visa and virtual Mastercard can be spent wherever those cards are accepted. And because Visa and Mastercard are major credit card companies, they’re accepted at most places. If your audience is international, you may want to consider checking if one is preferred over the other in a particular area, or you can offer both options as part of your rewards program, so your recipient can choose the one they prefer.
A. Yes, both the prepaid virtual Visa and virtual Mastercard can be used in more than 150 countries, regardless of the currency in which they’re purchased. When the card is redeemed in a different currency, the card issuer will do the conversion automatically.
However, there are some exceptions. Here is a list of countries where these cards may not be an option. You should always check the terms and conditions of the card issuer to be sure the cards you’re purchasing will work in your recipients’ country. If you’re a BHN Rewards customer, you can always find this information in your account.
A. Yes, both a prepaid virtual Visa and virtual Mastercard will usually have an expiration date. This is a key difference to note over many brand-specific e-gift cards. Also, before these cards can be used, recipients often must register them. Once they’re registered, they typically have six to 12 months to spend them. The redemption window will depend on the specific card you purchase.
A. It depends. Some prepaid virtual Visas and virtual Mastercards are reloadable, but many are not. When you’re rewarding research participants, customers, prospects, or employees, you likely don’t want to choose one that’s reloadable. Instead, focus on incentivizing them to keep engaging with your program and earn another reward.
A. One of the best parts about a prepaid virtual Visa or virtual Mastercard (besides the flexibility!) is that they can be digitally delivered in an instant and for free. Recipients receive an email with the link to claim their card and register it. Then, they can also load it directly to a mobile wallet, where they can access their card number easily and securely for online purchases and in stores that accept digital payments.
With BHN Rewards, you can incentivize your recipients with prepaid virtual Visa and virtual Mastercard options, plus more than 300 global e-gift cards and e-donations. Check them all out here.
BHN Rewards puts the power of digital rewards to work for marketers, researchers, and HR managers. Don't forget to check out all the great content in our Resources section!
BHN Rewards puts the power of digital rewards to work for marketers, researchers, and HR managers. Don't forget to check out all the great content in our Resources section!
