iCARD Systems Exec Explores Opportunities in China

FT. LAUDERDALE, Fla., Nov. 3, 2010 /PRNewswire/ -- Jeff Ehney, the president of iCard Systems, has made three trips to China in recent months to assess the possibility of expanding his business there. The company is examining the market for gift cards, online gift cards and gift certificates. In August, Ehney spoke at the 6th China Henan International Investment & Trade Fair in Zhengzhou about his impressions of business opportunities there. He was also interviewed on television.

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"This year, China's GDP surpassed that of Japan. It is now the second largest market behind the US. Meanwhile, the gift card industry is still nascent -- we see a huge opportunity," Ehney said.

Ehney returned to China at the end of October to continue a three-week assessment of market conditions, retailer interest, and Chinese consumer acceptance of gift cards as an efficient and valued gift-giving option.

iCARD interviewed people about their opinions of gift cards along Beijing's Wangfujing shopping district in front of a soon-to-open GAP store.  (The interviews are available on YouTube -- click here to view them.)

Though many of iCARD's retail partners -- including H&M, GAP, Sephora, Outback Steakhouse, T.G.I. Friday's, Express, and Nike -- have opened stores in China, most don't offer gift cards.

In China, giving money for holidays and special occasions is a common practice. The money is placed inside a "hon bau," a traditional red envelope. Ehney said he sees a lot of potential for integrating tradition with modern technology.

"Of course one day we'd like to see "hon bau" filled with gift cards," Ehney said. 

About iCARD Systems

Founded in 1998, iCARD is a pioneer in the development of network-branded prepaid cards and was one of the first to offer Visa® Gift Cards online. Today, iCARD is a leading provider of prepaid cards, reloadable cards, bulk merchant gift cards, digital gift cards, and a Super Gift Card, which is both emailable and printable, for either instant or scheduled delivery gift cards, for corporate incentives, promotions and rebates. iCARD is an Independent Sales Organization for the Bancorp Bank and is a Hallmark Cards licensee. Its channel partners include American Greetings and AOL. iCARD has serviced more than 1,500 corporate clients and more than one million cardholders.

SOURCE iCARD Systems

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