George Bousis on Revolutionizing the Gift Card Industry with Blockchain and the Future of Customer Loyalty | Ep. 381

Blockchain Web3

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Hristina Yordanova

Managing Editor

Hristina Yordanova

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Hristina, the Managing Editor at Cryptonews.com, has a rich background in crypto journalism spanning almost a decade. She previously contributed to Cointelegraph, DappRadar, and CoinMarketCap,...

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October 27, 2024

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In a recent interview with Cryptonews.com, George Bousis, CEO of Raise, shared his vision for transforming the gift card industry through blockchain and building seamless customer loyalty programs. Known for his entrepreneurial success and innovation in the payments sector, Bousis discussed how Raise is tackling long-standing industry issues, his passion for reimagining consumer loyalty, and the untapped potential of blockchain.

Building Raise: A Journey from Gift Cards to Blockchain Innovation

Bousis founded Raise as a digital gift card marketplace, which has grown into a billion-dollar enterprise, achieving over $5 billion in sales and saving customers upwards of $250 million. His initial interest in gift cards sparked while he worked in his family’s grocery business. “I realized how powerful gift cards are in driving customer loyalty,” Bousis explained, noting that they offer guaranteed future spending for businesses and allow brands to “monetize breakage,” or unused card balances.

He quickly recognized the industry’s underlying issues, such as fraud, money laundering, and fragmentation, which stifled growth. Bousis’s eureka moment came when he considered blockchain as a solution.

“We thought blockchain could solve authenticity and tracking issues and address the technical limitations of gift cards.”

Blockchain in Gift Cards: Smart Solutions for Persistent Problems

With over 30 patents to his name, Bousis has long envisioned blockchain as a tool for improving the gift card industry. “We wanted to tokenize gift cards but faced issues with transaction speeds and gas fees,” he recalled. Today, however, blockchain technology has evolved, and Raise has restarted its crypto initiative. The goal? To create a seamless gift card ecosystem where consumers can use crypto to pay directly for goods and services.

Through partnerships with WalletConnect and Polkadot, Raise is enabling consumers to use crypto assets in real time for everyday purchases. Bousis said:

“You can now use Solana to pay for an Uber ride or Bitcoin to get supplies at Lowe’s.”

This integration not only simplifies the off-ramp process for crypto users but also creates true utility, a critical step in mainstream adoption.

Smart Cards and Wallet SDKs: The Future of Loyalty Programs According to George Bousis

Raise is taking consumer loyalty further with its Smart Cards and Wallet SDKs, effectively creating “tokenized programmable gift cards” that allow brands to engage directly with customers. “Imagine getting a 20% concession discount pushed to your phone the moment your team hits a home run,” he said. Bousis sees this as the future of brand-customer relationships: direct, personalized, and free of third-party interference.

“Consumers don’t want multiple apps for different loyalty programs,” he explained. Instead, Raise aggregates various brands into one ecosystem, allowing users to accumulate cashback in real-time, which they can then spend across Raise’s network. “It’s about delivering a Starbucks-like experience across brands,” Bousis noted, emphasizing the importance of an all-in-one loyalty platform that simplifies customer experience.

Long-Term Vision and the Role of Web3

Bousis sees Web3 technology as a natural fit for Raise’s loyalty ecosystem, but he’s cautious about the hype.

“We’re committed to building a sustainable, long-term ecosystem, and that requires thinking beyond the next trend.”

According to Bousis, the future of blockchain lies in platforms that look and feel like traditional businesses but are powered by Web3 technology behind the scenes.

For Bousis, the focus is on creating real value for consumers and businesses alike. “It’s not just about adding another token to the market. Utility, revenue, and user engagement will be what drives true value,” he concluded. With Raise’s innovative approach to blockchain and customer loyalty, Bousis is not only reshaping the gift card industry but setting a new standard for consumer engagement in the digital age.

You can watch the full podcast episode here.

About George Bousis

George Bousis is a serial entrepreneur and angel investor at the forefront of the payments, loyalty, and blockchain industries. As the Founder, CEO, and Chairman of Raise, he launched the world’s leading platform for digital gift cards. Under his leadership, Raise achieved over $5 billion in sales and saved its customers upwards of $250 million.

Raise is recognized globally as a pioneer in the payments, loyalty, and blockchain sectors. George’s innovation is showcased by the 30 patents he’s authored. This spirit of innovation has attracted significant backing for Raise, helping the company secure over $225 million from leading institutions like Accel, PayPal and NEA.

Outside the boardroom, George’s passion for startups is evident. He’s invested in over 85 companies and co-founded Protagonist. Beyond business, he enjoys gaming, music, real estate, and traveling.