1 May 2013
Cash is king when it comes to gift giving in the South West, but security concerns grow over how to give it, according to YouGov and cashgreeting survey
New online cash greeting card service ensures cash reaches its intended recipient
Core news facts:
• 91% of those in the South West give cash as a gift
• 26% risk sending cash in the post
• 55% would be more likely to send money in a card if they could guarantee it reached the intended recipient
• New online greeting card and cash gift service enables people to access cash gift through local retailers
Money remains popular when it comes to gift giving in the South West with 91% of residents giving cash as a present. Yet over a quarter put that cash at risk by sending it in the post compared to just 15% in Yorkshire and Humberside. Yet many gift givers are concerned about the security of their cash reaching their intended recipient, according to a survey from YouGov and online cash gift card retailer, www.cashgreeting.com. Despite the high number putting cash in the post, those in the South West are risk averse with 90% in total also choosing to send cash gifts as a cheque or via an online bank transfer.
In response to these findings, cashgreeting is launching a new online cash gift and greeting card service that guarantees only the recipient can access the money. Senders can select and customise their own greeting card from thousands of designs on www.cashgreeting.com and then add a cash gift to include in it. cashgreeting will print and post the card, and turn the money into a secure voucher that the recipient can cash at over 24,000 PayPoints across the UK. Unlike traditional gift cards or postal orders, cashgreeting’s voucher can only be redeemed after it has been unlocked using a unique code created when the card is bought, removing worries about sending it in the post.
cashgreeting’s service is ideal for those without bank accounts, such as young children or even students who don’t want the gift swallowed up in an overdraft. It also overcomes growing concerns about the value of gift cards given the increasingly unstable retail environment that’s seen some of the UK’s biggest chain stores closing down and associated gift cards becoming useless.
David Tymm, CEO of i-movo Ltd, owners of cashgreeting, says, “These days present buying is becoming more and more complex. For grandparents or relations physically removed from the daily lives of loved ones, it’s often hard to know what their interests are. Giving cash as a gift ensures that the recipient is able to buy something they really want, and avoid disappointment. But with so many ways to send money – from PayPal, to online bank transfer, cheque and postal order – it’s hard to know which is the most useful and secure. Many have turned to retailers’ gift cards, but these are unregulated by the Financial Services Authority meaning that if the retailer fails, the funds on it are not protected. cashgreeting overcomes all these concerns by ensuring cash in hand for the recipient.”
Notes to editors:
• All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2071 adults. Fieldwork was undertaken between 14th – 16th November 2012. The survey was carried out online. The figures have been weighted and are representative of all UK adults (aged 18+).
cashgreeting is owned and operated by i-movo Limited, a secure digital voucher specialist. Since 2003, i-movo has processed over £30 million of vouchers for over six million consumers at over 30,000 retail locations across the UK, on behalf of many leading UK utility and financial companies. i-movo is registered with the Financial Services Authority and authorised to process ‘money remittances,’ the sending of funds between counterparties where the recipient does not require an account to claim the payment.
The PayPoint branded retail network across the UK numbers over 24,000 local shops (including Co-op, Spar, McColls, Costcutter, Sainsbury’s Local, One Stop, Asda, Londis and thousands of independents), where it processes energy meter pre-payments, cash bill payments, mobile phone top-ups, transport tickets, BBC TV licences and a wide variety of other payment types.PayPoint’s ATM network numbers more than 2,500 LINK-branded machines across the UK, mainly in the same sites as PayPoint terminals.