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September 03, 2019
Singapore, September 03, 2019: Qwikcilver, a Pine Labs company, and the single largest end-to-end service provider in the pre-paid, gift card space in India, today announced that it is bullish on the digitized gift category in South East Asia. It also shared its plans to expand its footprint in South East Asia with Singapore, Malaysia, Indonesia, Vietnam and Philippines as the focus markets.
Recently, Qwikcilver hosted a Gift Card Conclave of South East Asia in Singapore. It was attended by senior representatives across renowned brands like Grab, Lazada, NETS, Valiram Group, Capitaland, Frasers Group, Lulu Group, Sephora, Luxasia, EdgePRI, AXS Pte Limited, WOGI and Uniqgift. At the conference, Qwikcilver released its Whitepaper Edition 4: 2019 titled ‘Gift Cards: The Grow-More Effect’ with insights on the digitised gift industry in Asia. Four industry categories - hospitality, wellness, jewellery and online travel – were the top growth areas for gift in 2018-19.
Commenting on the expansion plans, Kumar Sudarsan, CEO, Qwikcilver & President, Gift and Stored Value, Pine Labs said, “We have seen rapid adoption of Qwikcilver gift platform in South East Asia over the last year. Spurred by the increase in mobile and Internet-based commerce especially among millennials, Asia Pacific is expected to be the fastest growing gift card region in the world over the next five years1. We are gearing up to partner and launch digitised gifting programs across South East Asia with 100+ marquee brands in multiple industry sectors including retail, hospitality, wellness and travel, in the next 12-18 months.”
Globally, the gift cards market is growing rapidly. The global gift cards market is currently valued at over US$307 Bn and is projected to grow at 10.79% CAGR in 2016 -2024. It is predicted to be US$698 Bn by 20241 end.
For more information, visit www.qwikcilver.com
1 PERSISTENCE MARKET RESEARCH INTO TRENDS IN GIFTING ACROSS THE WORLD
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