There’s a cafe here with a stored value card that doubles as their points card and it’s a really smart implementation. Underlying business objective: sell more coffee (which has arbitrarily high margins). You load the card with cash, and they give you a bonus for loading more.
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I think retailers shy away from this in most territories due to regulation but a UK ‘EMI’ licence isn’t that hard to get from what I’ve seen. Mostly capital requirements. Wonder what regs there are like. Coffee shop type biz might be ‘small EMI’…https://www.fca.org.uk/firms/apply-emi-payment-institution …
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My unsubstantiated guess is they probably avoid any financial rails sort of regulation by being stored value that only works there, and that the stored value regulation is under the consumer agency and fairly easy from a compliance perspective.
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