Prize Card™ is a debit card that lets you win money and rewards instantly every time you use it. When you pay using Prize Card™ the merchant (i.e. the store) pays us a small transaction fee which we use to fund giveaways.
@hyacinthe_hamon I guess this is another "only USA" product. I wonder when companies will realize the potential they are missing by focusing on other non crowded markets like southeast asia for example
@ajimix We're starting with the USA to launch, but definitely looking at expanding in other markets in the future, and southeast Asia seems great! We've chosen USA to start because of the regulations around sweepstakes, size of the market but also because it's easier to find a debit card API provider. As you can see we're still very early stage.
It's always that way... every time it's services launch in the U.S, then I rarely hear about them again because the launch hype is over, unless there's an advert that I'll most likely ignore because it's one of a thousand adverts.
So, you are going to make money from debit card processing fees while dangling a $5000 carrot in front of people to gamble for. Did I get it right ? So basically, considering 21 cents per transaction fixed fee, if there are no other fees, in about 25000 transactions, you are already ahead of the game.
I can get 1% cashback on all my purchases using a credit card of my choice and 2% or more using certain cards. Why would I gamble for an infinitesimal chance of winning a paltry prize of $5000? Do you think informed consumers are that stupid ?
@travelsalot Hi John, we will actually have a range of rewards ranging from $0.10 all the way up to $5000. Our product targets people that don't spend that much to make 1% cashback worth it for them. We're also looking at giving exclusive cashback up to 5% on selected merchants. I understand where you're coming from as there are many sweepstakes that are scams out there, and building trust with our customers is one of our top priorities.
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