LoveIOM Gift Card Announced
17th Aug 2021
The LoveIOM Gift Card will be redeemable at any Manx business that has signed up to the scheme. It will be aimed at both residents and those visiting the island, and will promote the benefits of spending within the local Economy.
Government will also have the ability to deliver targeted support to sectors that require additional stimulation through bonus incentives. To celebrate the launch of the LoveIOM Gift Card, a limited number of cards will be available to purchase with additional credit from the Government, providing consumers with greater value for their money.
The scheme is free for businesses to join, and processing fees will be absorbed by the government: allowing businesses to fully benefit from the scheme.
The card will be a primarily digital solution, to be held in smartphone wallets, however there will also be an option to request a physical gift card at an additional cost. As well as for personal spending, customers will also be able to purchase gift cards to gift to others which it is hoped will encourage personal and corporate customers to consider the wider societal impact of gifting money to be spent in the local economy rather than with international suppliers.
Treasury Minister Alfred Cannan MHK said:
‘The Economic Recovery Group has a clear remit to consider activity that will safeguard jobs and stimulate local spending so that we protect and strengthen our Island’s economy for the future. Domestic sectors have been impacted severely by the COVID-19 pandemic and positively influence considerations that make the Island and excellent place to live, work and do business.
‘Research and surveys undertaken to assess the impact of the pandemic on our domestic economy highlighted stimulus activity as one of the most effective ways of supporting these sectors in the long term. I hope that our Island’s businesses and residents will embrace the LoveIOM Gift cCard once it launches to the public and that it provides a further excuse reason to support the excellent quality businesses we have on our Island.’
£0.5 million is also earmarked specifically for a hospitality campaign to encourage diners to eat out mid-week in the autumn months. Further details will follow once the project is officially launched to consumers.
The official launch of the LoveIOM Gift Card will take place in September 2021. Local businesses with a physical premises in the Isle of Man will be able to sign up to become a partner of the scheme. Merchant on-boarding will launch later on this month, and businesses can sign up here.