Richard welcomes Michael Smallwood, CEO of a San Diego based fintech startup Bitmo. Often described as the ‘Venmo for gift cards,’ Bitmo is a mobile platform that allows consumers to gift easily and securely right from their mobile wallet. Michael explains how, unlike plastic gift cards, Bitmo is highly flexible and allows users the ability to exchange gift cards from one brand to another and even split the value between multiple brands for free. Their unique mobile gifting platform it transforming the $160 billion gift card industry.
Have you ever received a gift card you didn’t want? Ever not fully redeemed the amount? Or even our lost it? Bitmo’s goal is to make this never happen again. Better than a gift card, every Bitmo gift is backed by real money. Due to their technology platform and banking innovation, they are able to scale at no fee to consumer, while diving traffic directly to the point of the sale using existing infrastructure.
Unlike prepaid cards, the Bitmo solution fully understands the customer and brings a level of engagement to each transaction – from transaction history, customer profile, and even social networking to bring customers to the store to use the card enabling the store to engage them and retain their business.
To learn more about aging and health listen to the show (below) and visit their website: Bitmo.com.