Facebook gets into the financial services business with gift cards

31 Jan 2013125 Views

Facebook is launching a new gift card that will allow friends to send one another gifts that can be retrieved in select retail stores. The interesting thing about the new service is that once a friend has received a card, they can continue to add value to the card whenever they want.

Card holders can check the value on their cards on a Facebook app and users will receive a mobile warning if their balances run low.

The gift card service is initially launching in the US with plans to launch elsewhere in the world at a later stage.fb2

Initial retail partners are Jamba Juice, Olive Garden, Sephora and Target.

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“Facebook Cards are reusable,” the company explained in its official blog.

“After you’ve received a card, the next time you get a Facebook Card gift, it will instantly be added to your existing card. Your card can hold multiple gift balances, and each balance is dedicated to the retailer associated with the gift. For example, you might have gift balances of US$100 at Sephora, US$75 at Target, US$50 at Olive Garden, and US$8.25 at Jamba Juice.”

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John Kennedy is a journalist who served as editor of Silicon Republic for 17 years

editorial@siliconrepublic.com