Darragh Meaney emphasized, "A lot of the gift card plays in the last 20 years have been wrappers around existing, very old technologies. What we want to do is build new technology rails from the ground up." This highlights their intent to innovate within an outdated industry.
Meaney explained how traditional gift cards operate on the principle of "breakage", where issuers profit from unspent cards, indicating a market ripe for disruption, adding, "It really is the classic VC story of a $200 billion industry that’s ripe for disruption."
The new startup On Me aims to transform gift cards from being retailer-specific into hobby-focused digital solutions usable at any accepted merchant, integrating seamlessly into mobile wallets like Apple Pay and Google Pay.
Co-founder Sitar Harel elucidated their vision: "Our gift cards will not only be customizable across different merchants but also provide a new way for consumers to engage with their passions, essentially revolutionizing the gift card market."
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