Gift Card & Voucher Association
Creative Media Centre -
East Sussex TN34 1HL
Telephone +44 (0)1424 205444
Copyright 2023 © Gift Card & Voucher Association
This is an umbrella definition referring to all the cards in the prepaid market. Unlike credit cards, prepaid cards are pre-
These are the modern plastic version of paper vouchers and make up about 21% of the prepaid card market, representing the largest sector. Gift cards fall in to one of three categories:
Most retailer gift card programmes are “closed loop”. This means that the retailer that issues the card also redeems the card. You will not be able to spend the money on the card anywhere other than back with the retailer from where it was purchased.
An “open loop” card is a card that can be spent with a number of different merchants. The cards issued and redeemed using the open payment network such as MasterCard or Visa. This means an open loop card using the MasterCard network, for example, can be spent at all the places where MasterCard is accepted.
Prepaid cards can also be categorised as “controlled loop/semi-
Prepaid cards that can only be redeemed in the retailers that subscribe to the programmes that the card relates to.
Prepaid cards that can be redeemed in any retailer that displays the Master Card or/and Visa logo, but the programme only promotes certain retailers or products, implying that the card is to be used for only these.
For all definitions relating to the gift card and prepaid card industry please click here > TERMS OF REFERENCE
Currency, tender and store credit can be stored or loaded onto physical or digital solutions, which are defined in the below definitions -