Atlanta-based prepaid product and transaction services company InComm is expanding its partnership with Target Australia from offering gift cards at Target’s online gift card store to launching point-of-sale technology in all 306 Target stores in the country. The deal builds on InComm’s growing footprint in the Asia-Pacific region. It acquired Hong Kong-based prepaid distributor ValuAccess in August.
InComm’s relationship with Target Australia began in 2015 when the company began providing services for Wesfarmers Group—of which Target is a member—offering gift and prepaid cards on Target.com.au. Going forward, digital and physical cards including gift cards for telecom, entertainment, Internet and gaming to network branded prepaid cards such as Vanilla Gift, will be available in store and online.
Under the new agreement, Target Australia will implement InComm’s POSA (point-of-sale-activated) technology, which enables retailers to activate prepaid cards at the POS with a reduced risk of theft and shrinkage, according to the announcement. “InComm is thrilled to expand its partnership with Target,” said Frank Monaco, executive vice president and general manager, InComm International. “We had already launched the first Australian retailer online gift card store, and we look forward to driving real growth for Target as they embark on their new retail in-store strategy.”
New research from PayNXT360 puts the overall prepaid market in Australia at more than US$6 billion in transaction value in 2015, with a compound annual growth rate of 23.68 percent between 2011 and 2015. Closed-loop gift cards represented US$1.15 billion of that transaction value. The research firm forecasts that by 2020, closed-loop gift card transactions in Australia will be up to US$1.57 billion, with the overall prepaid market jumping to US$13.03 billion.
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