Retail Payment Cards: Retail Decisions In The Pink With Thomas Pink Gift Card Launch
Retail Decisions (ReD), the payment card issuer and world leader in card fraud prevention and payment processing, recently announced its entry into the UK gift card market with leading luxury shirt maker Thomas Pink, one of the luxury goods companies owned by LVMH. The new Pink gift card will provide customers with a secure and convenient alternative to gift vouchers and can be charged with any value, so avoiding having to use multiple denominations of vouchers. The card will be redeemable both in-store and via IVR (interactive voice recognition) and available throughout the store network in the UK and USA.
Pink chose ReD based on its ability to deliver promotional, event-specific cards, coupled with the highest level of fraud prevention and underpinned by an IVR system for disaster recovery.
The UK pre-paid card market is set to become the biggest in Europe, with a predicted total spend of £17 billion by 2010*. Already the prepaid card market leader in Australia, ReD is also a leading issuer of fuel cards and a major card fraud prevention technology provider. Backed by UK-based private equity group, Palamon Capital Partners, ReD is seeking to capitalize on the growing demand from European companies for prepaid card managed services.
"ReD is already well known for its retailer-focused expertise in the retail sector. Combining this experience in card issuing and card fraud prevention with our market-leading Australian prepaid card operation, means that European companies can take advantage of the most advanced gift card service and experience in the industry," said Carl Clump, CEO of Retail Decisions. "We are delighted to launch with such a prestigious and well-respected retailer and look forward to helping the team at Pink to exploit the full potential of their prepaid card program. Based on the upsurge in gift card purchases we saw last year in Australia we predict that the Thomas Pink gift card they will be a major hit with consumers."
As with any new form of payment transaction, fraudsters have begun targeting gift cards and fraud has been rising steadily, particularly in the US. Figures from ReD - based on over fourteen billion card transactions it processes each year - show that gift cards were the largest target for card-not-present fraud in 2006. ReD is unique among gift card providers in having its own fraud prevention technology. The fact that ReD is able to monitor both purchases and redemption of gift cards was a major factor in Thomas Pinks decision to partner with them.
As gift cards hold no value until they are activated at the till, in contrast to traditional paper vouchers, Pink will be able to market the gift cards in store without fear of theft. In addition, with the advanced promotional features provided by the ReD gift card program, Pink will be able to incorporate gift cards into its marketing campaigns to boost sales. For example, it can now develop promotional, event-specific cards that can be used to promote the opening of new retail outlets.
"The adoption of gift cards over paper vouchers is a key development for Pink, enabling the business to incorporate cards into marketing efforts, remove the manual reconciliation required with vouchers and minimize theft and fraud. Long term we expect gift cards to play a key role within retail operations, delivering further features and benefits, and it was vital that we chose the right partner," said Jonathan Heilbron, Managing Director of Pink. "We chose to work with Retail Decisions because of their experience across cards, payments and fraud prevention. This meant they were able to offer not only the most advanced program but also the most thought-out road map for the future development of gift cards."
Pink joins an impressive list of ReD's retail clients that includes Bloomingdale's and Macys, John Lewis Partnership, Marks and Spencer, Superdrug, Comet, Tesco, Asda, Wal-Mart, O2 Retail and River Island.
* Research by Boston Consulting Group for Mastercard, May 2007
About Thomas Pink
Think Pink. Think luxury British shirts.
From bold styles that really make an entrance, to elegant, understated designs, every Pink garment is crafted to the same exacting standards, keeping alive the impeccable heritage of Jermyn Street, the centuries-old home of British shirt-making. Painstakingly constructed from the finest cotton, Pink brings you the most beautiful, wearable shirts available today.
Thomas Pink was established in 1980s London, when we reinvented the formal business shirt, and built our reputation for quality and traditional standards. Our original Black Label shirt, for example, is tailored on an authentic block and made from 38 separate components, with a 14-piece, hand-turned collar. But since then, the full range of shirts has grown considerably, to include classic and contemporary styles and over 250 ready-to-wear designs for men and women. Now part of the luxury goods group LVMH, we have stores and concessions all over the world.
Pink collections also feature a vibrant array of exquisite, handmade English silk ties and a range of splendid cuff links. Accessories like boxer shorts, cashmere knits, socks, pajamas and pieces by Britain's leading leather designer Bill Amberg, complete the picture.
Our service levels are sky high. We offer monogramming, alterations and deliveries to hotels and offices within the area. We'll even iron customers' shirts, so they can wear them straight away. For that extra-special touch, all purchases are gift-wrapped in striking pink-and-black boxes finished with black ribbon, and presented in our bright, instantly recognizable shopping bags.
Our key sartorial tip? Choose any color so long as it's Pink.
About Retail Decisions
Retail Decisions (ReD) is a payment card issuer and world leader in card fraud prevention and payment processing. A specialist supplier to the payments industry worldwide, ReD has over 20+ years experience in the fraud prevention market. Its blue-chip international clients come from the global retail, telecommunications, travel, petroleum, logistics, banking and the broader e-commerce sectors. They include Wal-Mart, Macy's, Bloomingdale's, Tesco, Texaco, Shell, Asda, Comet, Travelocity, T-Mobile and Virgin Mobile. Based in the UK, the company has offices in the United States, Australia and South Africa with representation in Japan, India, China and South America. More information about ReD is available at www.redplc.com.
SOURCE: Retail Decisions