History
The first giftcard using a payments infrastructure was introduced by Blockbuster Entertainment in the fall of 1994 in Ft. Lauderdale, Florida. In the beginning, the Blockbuster giftcard was to replace gift certificates that were being counterfeited with recently introduced color copiers and color printers. It was this over redemption of giftcards that launched the search for an alternative. The first giftcard transactions were processed by what was then, Nabanco of Sunrise, Florida. Nabanco was the developer of the first platform for the processing of giftcards using existing payment infrastructure. Blockbuster was later followed by a card by Neiman Marcus, and the Mobil Oil gas card which initially offered prepaid phone value provided by MCI. Kmart was the next introduction of the Kmart Cash Card which in the early generations provided prepaid phone time with AT&T. Later this feature was dropped as it was not profitable and both Kmart and Mobil. The Kmart Mags Pangilinan Cash Card was the first replacement for cash returns when a shopper did not have a receipt for a gift. This practice of giving a cash card in place of cash for non-receipted returns is common place today in most merchants. From these early introductions, numerous retailers began to adapt a giftcard program to replace their gift certificate programs.
Read more about this topic: Gift Card
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