Gjafabréf

Gjafabréf (gift vouchers) are a form of payment issued by retailers, businesses, or financial institutions that grant the bearer the right to obtain goods or services up to a stated monetary value. They act as prepaid certificates or codes redeemable at participating locations or online.

They can take the form of physical cards, paper certificates, or digital vouchers. The value is set at issuance, and terms vary: some vouchers are single-use with a fixed balance, others are reloadable or allow partial redemption over multiple purchases. Vouchers may be restricted to specific stores or product categories and may have expiry dates or fees, depending on the issuer and jurisdiction.

Terms and consumer rights: The exact terms govern redemption, non-cash value, and what happens if the balance is low or a voucher is lost or stolen. In many places, issuers are required to provide clear, accessible terms; some jurisdictions limit or prohibit expiry dates and inactivity fees, and rules exist about replacement of lost vouchers and redeemability for cash.

Usage and impact: Gjafabréf are commonly used as gifts, promotions, or employee incentives, offering a predictable value for the recipient and a predictable revenue stream for the issuer. They encourage spending at a particular business or network of merchants and can support online and offline sales.