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Corporate > Media and Analysts
November 04, 2019
New Delhi, November 04, 2019 : Qwikcilver, a Pine Labs company, and a global leader in end-to-end gifting and stored value solutions, has announced a strategic partnership with Amazon Pay aimed at promoting e-gift cards in tier-2 and 3 cities in India. The company had recently concluded the ‘The Gifting Carnival’ that brought together over 200 brands in 20 categories, with presence in 2000+ cities. The carnival, that was live till October 31, 2019, was aimed at empowering shoppers across cities to buy more from a wide range of brands and thereby boost the sales of retailers and online commerce companies.
The Gift Cards category is growing rapidly in India as the concept of gifting the ‘power of choice’ to a loved one seems to be resonating well with people across different age groups. The company’s internal research shows that consumers from over 1300 cities and towns across the length and breadth of the country are gifting gift cards this festive season.
Through the editions of ‘The Gifting Carnival’ around Raksha Bandhan & Diwali, various categories like e-commerce, large format stores, travel & hospitality, specialized retail, fashion & apparel, entertainment and food & beverages and major brands like Amazon, Big Bazaar, Big Basket, Lifestyle, Max, BookMyShow, Taj Hotels, MakeMyTrip, Raymond, Myntra, Zee5, Jockey, Home Centre, Zivame, and PC Jewellers have witnessed a spike in gift cards transactions.
Qwikcilver, through the Woohoo and Pine Perks platforms is catering to the gifting needs of over 1500 corporates in 600+ cities offering customers a choice of 250+ leading brands. Corporates are now preferring Gift Cards over traditional gifts as it gives the employees the power to choose the gift of their choice. In this festive season, large corporates, SMBs and institutions have adopted Gift Cards for rewarding their loyal consumers and channel partners with innovative engagements and rewards ranging in value from Rs 25 – Rs 100,000. The digital rewards are personalized and delivered instantly across the country to make the entire gifting experience memorable.
Commenting on the partnership with Amazon Pay, Kumar Sudarsan, CEO, Qwikcilver & President, Gift and Stored Value, Pine Labs said, “We have seen great traction for Diwali gifting by consumers and corporates. India’s fastest gifting platform, Woohoo, has clocked 9X growth with gift cards of over 120 brands being actively gifted. We are delighted to partner with Amazon Pay for scaling this across the corporate segments too by positioning Gift cards as a preferred gifting option for customers across diverse age groups, irrespective of their location.”
Commenting on the initiative, Vikas Bansal, Director, Amazon Pay said “Companies are looking beyond cash and physical goods as festive gifts for their employees. Ease of availability, customizability and wider choice for employees have led to the growing popularity of digital gift cards. Contrary to the popular belief of slow down, Amazon Pay gift cards has witnessed an acceleration this festive season. We have grown 100 percent year-on-year. The growth has surpassed our internal projections as well with clients spread across more than 100 cities. We have seen tremendous growth from small and medium enterprises. One of the key reasons for corporates preferring Amazon Pay gift cards is the fact that employees can redeem these gift cards across 17cr+ products on Amazon.in and on 8,0000+ merchants across popular travel, entertainment and food delivery apps.”
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