Perk Labs Entering Digital Gift Card Market

Rhea-AI Summary

Perk Labs Inc. (OTCQB: PKLBF) has partnered with InComm Payments to distribute digital gift cards in Canada through its Perk Hero mobile commerce platform. This agreement enables Perk Hero to create in-app programs and manage digital gift card offerings efficiently. CEO Jonathan Hoyles highlighted the growing demand for gift cards, predicting this will drive future growth. The global gift card market is projected to reach $1,922.87 billion by 2027, indicating significant market potential for Perk Labs' expansion.

Positive

• Partnership with InComm Payments enables digital gift card distribution.
• Projected growth in the global gift card market offers expansion opportunities.
• Perk Hero app enhances user experience with cashback rewards.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / October 29, 2020 / Perk Labs Inc. (CSE:PERK)(OTCQB:PKLBF)(FKT:PKLB) ("Perk Labs" or the "Company") the parent company of Perk Hero, the mobile commerce marketplace with cashback rewards, announced today that it has signed an agreement with InComm Payments, a leading payments technology company, to distribute digital gift cards in Canada.

The agreement with InComm Payments provides Perk Hero with the flexibility to build its own in-app programs and innovative front-end while relying on the robust InComm InCentives platform to power the delivery and management of digital gift card products.

"Offering high demand products such as digital gift cards, we are able to offer the best value to our users by saving them money through our partnership with InComm Payments. By distributing digital gift cards to our users, we can help them avoid costly fees plus earn cashback rewards," says Jonathan Hoyles, Perk Labs' CEO. "We have already seen demand from our users for physical gift cards and view sales of digital gift cards as a key driver of growth moving forward."

Gift card brands that will be available through the Perk Hero app include online shopping, streaming services, gaming, home improvement and major restaurant chains.

"Perk Hero represents an exciting solution that appeals to the Gen Z and Millennial demographic," says Joe Everson, Director of Business Development at InComm InCentives. "This partnership benefits Perk Labs users with the ultimate customer experience: an instant redemption of digital gift cards of the brands they love."

According to the report published by Allied Market Research, the global gift cards market generated $619.25 billion in 2019, and is estimated to reach $1,922.87 billion by 2027, registering a CAGR of 15.4% from 2020 to 2027.¹

The latest news and information about Perk Hero's features can be found at www.perkhero.com and stakeholders can read about the Company's strategy and ongoing advancements in technology on the company blog, which can be viewed at https://medium.com/@perk_labs.

About InComm Payments

InComm Payments is a global leader in innovative payments technology. Leveraging dynamic technology and proven expertise, InComm Payments delivers enhanced end-to-end payment platforms and emerging financial technology solutions that help businesses grow across a wide range of industries including retail, healthcare, tolling & transit, incentives, mobile payments and financial services. By enabling omnichannel connections to an ever-expanding consumer base in an increasingly digital ecosystem, InComm Payments creates seamless and valuable commerce experiences across the globe. With more than 25 years of experience, over 500,000 points of distribution, 386 global patents and a presence in more than 30 countries, InComm leads the payments industry from its headquarters in Atlanta, Ga. Learn more at www.InCommPayments.com.

About Perk Labs Inc.

Perk Labs Inc. is the owner of Perk Hero, a mobile commerce marketplace with cashback rewards that enables businesses to provide their customers with a more engaging and convenient customer experience. For more information about Perk Labs, please visit www.perklabs.io

For more information contact:

Jonathan Hoyles
CEO
Perk Labs Inc.
(833) 338-0299
investors@perklabs.io

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This press release contains forward-looking information or forward-looking statements (collectively "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: "may", "believe", "thinks", "expect", "exploring", "expand", "could", "anticipate", "intend", "estimate", "plan", "pursue", "potentially", "projected", "should", "will" and similar expressions, or are those, which, by their nature, refer to future events. These forward-looking statements, which involve risks and uncertainties, relate to, among other things, the discussion of the Company's business strategies and its expectations concerning future operations, the demand for gift cards, the size of the gift card market, and gift cards being a key driver of growth for the Company moving forward. Although the Company considers these forward-looking statements to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking statements. Undue reliance should not be placed on such forward-looking information, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur.

¹ https://finance.yahoo.com/news/gift-cards-market-expected-generate-141801969.html

SOURCE: Perk Labs Inc.

View source version on accesswire.com:
https://www.accesswire.com/613101/Perk-Labs-Entering-Digital-Gift-Card-Market

FAQ

What is the recent news about Perk Labs and digital gift cards?

Perk Labs has partnered with InComm Payments to distribute digital gift cards in Canada via its Perk Hero app.

How will the partnership with InComm Payments benefit Perk Labs (PKLBF)?

The partnership allows Perk Labs to offer digital gift cards, which are in high demand, potentially driving user engagement and sales.

What is the significance of the global gift card market for PKLBF?

The global gift card market is expected to grow to $1,922.87 billion by 2027, providing significant growth opportunities for Perk Labs.

What brands will be available through the Perk Hero app's new offerings?

The app will feature brands from online shopping, streaming services, gaming, home improvement, and major restaurant chains.