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My company (Conpoto), runs a local currency/gift certificate platform that is purchased with regular dollars, but is only redeemable at local merchants particip
by andybass 9y ago
My company (Conpoto), runs a local currency/gift certificate platform that is purchased with regular dollars, but is only redeemable at local merchants participating in the program. We're in a bunch of states and Canada.
We'll do hundreds of thousands of dollars in currency purchases annually in some communities. It's used quite a bit by employers who want to keep money local (rather than sending it to Amazon or Target).
- rocqua 9y agoOn the face of it, that feels like companies issuing their own currency to control their employees. If leaving the company means moving somewhere your money isn't accepted, you won't leave. If you won't leave, the companies can screw you and you have to take it or lose all your savings.
- andybass 9y agoSorry - I should have clarified more. These companies are using the currency for small rewards, holiday gifts, etc - as opposed to as a salary.