Raiffeisen Landesbank has launched a new digital voucher product called "Renefit" to compete with the established voucher system "Monni Bon" in South Tyrol.
Renefit differentiates itself from Monni Bon by offering a rechargeable Mastercard that can be used at any point of sale terminal, providing greater flexibility for businesses and users.
Renefit also boasts a wider range of voucher redemption options, with claims of acceptance at over 25,000 businesses across South Tyrol, as well as throughout Italy and internationally.
Financially, Monni Bon generates revenue through issuing fees and retains expired credit balances, while Renefit operates on transaction commissions.
Both products are targeting the same pool of employers, with Raiffeisen offering no activation fees and the return of unused credits to employers, while hds emphasizes the role of Monni Bon in supporting local value creation.
Employers in South Tyrol must carefully consider the advantages and challenges of each product based on their employees" needs and payment system capabilities.
The introduction of Renefit reflects Raiffeisen"s ambition to innovate in the employee benefits sector and highlights the evolving nature of payment solutions in a competitive market.
The implications for local businesses and employees in South Tyrol are significant, potentially reshaping the landscape of employee benefits in the region.