Roblox and Starbucks are two very different companies, but they both have one thing in common: they’ve become banks over the years. This may sound strange, but it’s true. Both companies have added new layers to their payment structures in order to focus more on prepaid gift cards, which has allowed them to creating a better experience for the user. In this blog, we’ll explore how this shift happened, how much money they’re making from prepaid gift cards, and other key data that proves the effectiveness of this payment structure.
Roblox: From Virtual Currency to Gift Cards
Roblox is an online gaming platform that allows users to create their own games and play games created by other users. It was founded in 2004 and has since become one of the most popular gaming platforms in the world. However, in its early days, Roblox used a virtual currency called “Robux” as its primary payment method. Users could buy Robux with real money and use them to purchase in-game items and upgrades.
In 2012, Roblox introduced gift cards as an alternative payment method. This was a smart move, as it allowed users who didn’t have credit cards or PayPal accounts to still make purchases on the platform. Gift cards could be purchased in stores like Walmart and GameStop, as well as online through Roblox’s website.
Over time, Roblox began to heavily promote its gift cards, offering special deals and discounts to users who purchased them. In 2018, the company even began selling physical gift cards in stores, which featured artwork from popular Roblox games.
Today, gift cards are the primary payment method on Roblox. In fact, when the company filed for an IPO in 2021 it revealed that gift cards make up a whopping 68% of its revenue. This is a significant increase from just a few years ago, when virtual currency was still the dominant payment method.
Starbucks: From Cash to Plastic
Starbucks is a coffeehouse chain that was founded in Seattle in 1971. Over the years, it has become one of the most popular coffee chains in the world, with over 30,000 locations in 80 countries. In addition to coffee and tea, Starbucks sells food items and merchandise like mugs and tumblers.
For many years, Starbucks primarily accepted cash and credit/debit cards as payment. However, in 2001, the company introduced its first prepaid gift card. These cards could be purchased in stores and used to make purchases at any Starbucks location.
Like Roblox, Starbucks began to heavily promote its gift cards, offering special deals and discounts to customers who used them. The company even created a rewards program that gave customers points for every purchase made with a gift card. These points could then be redeemed for free drinks and food items.
Today, gift cards are a huge part of Starbucks’ business. In fact, the company has billions of dollars stored in value on its gift cards. That’s a staggering amount of money that customers have already paid Starbucks in advance for their coffee and food purchases.
QGlobe’s SDK includes a prepaid gift card system that provides a convenient and reliable payment solution for businesses and consumers alike. This system can be used by other companies, allowing them to provide their customers with the same benefits of prepaid gift cards that Roblox and Starbucks have successfully utilized. By utilizing the QGlobe prepaid gift card system, businesses can enhance their payment infrastructure and provide an easy-to-use payment method for their customers.
Moreover, the QGlobe prepaid gift card system can help to create a collaborative and creative community among businesses and consumers. The system allows for flexible customisation and integration, enabling businesses to offer unique and innovative prepaid gift cards that reflect their brand identity and values. Consumers can also benefit from the prepaid gift card system by being able to access various prepaid gift cards from different businesses on a single platform, providing them with a seamless payment experience.