Referral campaigns in Punchh gift the referrer by default, not the referee. In order to gift the referee, you will need to set up a gifting campaign that targets a segment of "referred guests" over a certain period of time or you can set up a "profile update campaign" which rewards guests when their profile is updated to a status of referred. You may want to make this campaign recurring (gifting) or indefinite (profile update). In order for best strategies around this, contact your customer success team.
If further assistance is required, submit a ticket to Punchh Support. (For help submitting a ticket, click here)