Credit terms 📃

Brand currency is similar to regular fiat currency but with a few differences.

Currency Expiry Periods

Unlike regular currency, brand currency has an expiry date set by the brand. Generally speaking, the expiry period for currency issued on the Savebo platform ranges between 3 to 36 months.

‘Closed Loop’ Currency System

Another difference between brand currency and regular currency is that brand currency operates on a ‘closed loop system’. This means that any issued currency can only be redeemed for products and services from the issuing merchants, and not from other merchants on the platform.

Currency Transferability

Brand currency can be purchased from merchants through a variety of transactions. All currency is transferable between wallets for free, just like real currency. A list of some of the credit-based transactions is detailed below:

Currency Purchase Price

The value of brand currency is always displayed in local fiat currency terms. In Australia, it is displayed in Australian dollars. In some instances, a brand may incentivize brand currency sales with additional rewards or incentives. Savebo refers to these rewards as bonus credit. Brands on the Savebo platform have the power to determine the level of reward for each kind of transaction and can also create dynamic rewards based on certain kinds of transactions.

Currency Redemption

Holders of brand currency can redeem their stored value with the issuing merchant only while the currency is active. The currency can be redeemed both in person and online.