Hallmark has teamed up with Venmo to allow consumers to send money securely with a greeting card. Erika Sanchez, Vice President and General Manager at Venmo, notes that this collaboration will essentially bridge a gap between older generations who prefer to give cash gifts in physical greeting cards and the younger generations now accustomed to receiving everything, including cash, digitally.
“It’s a creative and fun collaboration between Venmo and Hallmark that thoughtfully combines traditional mail with digital payments,” said Elisa Tavilla, Director of Debit Payments at Javelin Strategy & Research.
“Personally, I love sending greeting cards to friends and family, and they appreciate receiving them in the mail. This provides a practical option for gifting money inside your greeting card. It’s safer and more convenient than including cash or checks. I could see people using this for common cash-gifting occasions like weddings or grandkids’ birthdays,” she said.
Customers can select from Hallmark’s new line of greeting cards. Once a card is selected, they simply scan a QR code, unique to each card. Then they select the amount they want to send to the recipient. They can also include a personal message.
Only the recipient can access the money with this feature, which is done by scanning the QR code printed on the receipt. The sender and the receiver must both have Venmo accounts to use this feature. Furthermore, the gift must be redeemed within 180 days or the funds will be sent back to the sender’s account.
“Our new collaboration with Venmo represents an innovative new way to let someone know you’re thinking of them with simple, secure, and seamless cash gifting,” Darren Abbott, Hallmark’s Senior Vice President of Global Product Development and Innovation, said in a prepared statement.
“Gifting trends are constantly evolving, and we want to stay at the forefront of what consumers need to share thoughtful and unique gifts with the ones they love.”
P2P Payments Market Continues to Expand
With customers increasingly turning to online shopping, mobile banking, and now peer-to-peer (P2P) payments, it is no wonder that use cases will only broaden across various markets worldwide.
Another key driver in the growing popularity of P2P payments is the demand for faster payments. Consumers want not only instant payments but also convenient and secure payments. It is increasingly uncommon for consumers to walk around with cash, let alone the right amount. With P2P payments, users can pay their friends and family quickly.
This trend is ongoing, and P2P providers would do well to continually evolve to meet shifting consumer needs.