Qwikcilver launches gift card exchange platform

As appeared in The Times of India on 26 August 2016 by Shalina Pillai.


BENGALURU: Qwikcilver solutions, gift card technology and prepaid solutions company, has launched a consumer to consumer gift card trading exchange marketplace for consumers. This allows users to convert their unused or partially used gift cards to cash. Buyers, on the other hand, will be able to purchase gift cards at special prices.

We had been developing this for the past eight months and are launching this in time for the festive season. We got a number of feedback from our customers. We are bullish that it has the potential to drastically increase the number of gift card users in India. With the Indian Gift Card Industry growing at 300% annually, this would help to further scale the category across a new segment of Gift Card users,” said Pratap TP, co-founder and CMO, Qwikcilver.

The company, which recently raised funds from Sistema Asia Fund, the proprietary fund of Russian conglomerate Sistema, has partnered with over brands enabling access to 5000+ stores and portals’ including retail chains, entertainment platforms, travel partners and leading currency providers.

Qwikcilver’s consumer-focussed gifting app, Woohoo, would digitize the listed cards, Pratap added. “Once the seller lists their physical gift card on the platform, the card gets disabled and a new electronic version of the same is created and gets listed on the Woohoo Marketplace,” he said. It will also allow the users to convert loyalty points from banks and NBFCs to digital gift cards and cash.

It had recently appointed former Reserve Bank executive director, G Padmanabhan as a strategic advisor.