MGCC represents companies who support Canadian retailers through the sale of gift cards that can be used at more than one store or retail chain. These cards are most often used as gifts that provide the recipients the flexibility to redeem the cards at the retailer of their choice. Most often the retailers are located in a single shopping centre or geographic district.
Multi-store gift card programs operate through the use of a issuing bank and utilize a global payment network. When the gift card is sold, the funds are loaded on the gift card account and are held on deposit at the issuing bank. When the gift card is redeemed by a retailer, the transactions are processed, settled and paid to the retailer by the issuing bank through one of the global payment networks, in the same manner as a transaction using a debit or credit card.