Massive increase in the adoption of virtual Gift Cards: Qwikcilver report

Press Release

July 08, 2020

Massive increase in the adoption of virtual Gift Cards: Qwikcilver report

  • Partners with Kalyan Jewellers to launch Gift Cards in the Middle East market

  • Qwikcilver’s consumer arm Woohoo clocks 3x spike in month-on-month growth of e-gift cards

  • It has partnered with 150+ leading brands during the lockdown to engage with customers via Gift Cards

 Bengaluru, July 08, 2020: Qwikcilver, a Pine Labs company, the single largest end-to-end service provider in Gift Card space has launched unique initiatives with over 150 leading brands like Kalyan Jewellers, Air Asia, Lulu Group, Tanishq, Major Brands, Taj Hotels, PVR Cinemas, BigBasket, among others to woo consumers back to the stores & online destinations. The digital E-Gift Card category has shown tremendous growth in recent times, as enterprises and corporates are taking the e-gifting route to engage with their employees and partners to minimize contact in the wake of COVID-19.

Sharing his thoughts, Kumar Sudarsan, Chief Executive Officer, Qwikcilver Solutions, said, “There is no denying the fact that the pandemic outbreak and the subsequent lockdown has impacted businesses across diverse industry verticals. As businesses reopen, they are on the lookout for newer ways to win customers back to their stores through innovative products and services. E-Gift cards as a category is going to be crucial in the times ahead. We are already witnessing consumer behavioral change and a greater adoption of E-Gift Cards.


The Qwikcilver data reveals that E-Gift Cards are dominating the Gift Cards segment in comparison to physical Gift Cards. As much as 96.3% share was taken by E-Gift Cards in FY 19-20, thereby indicating the consumer preference shifting towards virtual gift cards. The gift card spending patterns also shows that 68% of the gift cards are redeemed during the first 30-40 days of its receipt.

On comparing segment-wise average load value of gift cards, the jewellery gift cards hold most amount of value. Kalyan Jewellers has recently launched gift cards in the Middle East market. Mr. Ramesh Kalyanaraman, Executive Director, Kalyan Jewellers, said “We are pleased to announce that Kalyan Jewellers has launched both Physical and Digital Gift Cards powered by Qwikcilver in the GCC market. Empowered with choice and an easy payment method, we see digital gift cards as a great option for both personal and corporate gifting requirements”.

Qwikcilver was acquired by Pine Labs in April 2019. The company today claims to power 9 out of 10 gift cards and e-gift cards sold. It has its presence in India, the Middle East, South East Asia and more recently, having entered the Australia & New Zealand region
 

About Qwikcilver

Qwikcilver, a Pine Labs company, is headquartered in Bengaluru, India, with offices in Dubai, Singapore, and Australia. Qwikcilver manages over 1.1 billion transactions annually. It is the definitive one-stop-shop for different variants of prepaid programs, digital and digitized gift card programs, promotion programs, loyalty programs, discount programs and the like. The Qwikcilver platform has been successfully deployed across the world at our retail partner stores and online as well. Qwikcilver offers a completely secure, banking standard, transaction management platform that operates simultaneously across multi geographies, multi time zones and supports multi currencies in real time. Pioneering and creating new markets requires great flexibility and innovation. To know more please visit www.qwikcilver.com


 


About Pine Labs

Pine Labs is one of Asia's leading merchant commerce platforms. Its unique cloud-based platform enables it to offer a wide range of payment acceptance and merchant commerce solutions. Pine Labs' stored value platform offers issuing, processing and distributing digital gift cards for corporate customers. Its customer base includes prominent large, mid-sized and small merchants across India, South East Asia and the Middle East. Pine Labs is incorporated in Singapore. Its key investors are Sequoia India, Mastercard, Actis Capital, Temasek, PayPal and Sofina. To know more, please visit www.pinelabs.com

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