The Outlook Business Magazine published an article in September 2012, highlighting QwikCilver as one of the main players in the $403.8 million prepaid gift cards and vouchers market in India. While the article talks about ‘Sodexo passes’ and its wide acceptability, the focus is now shifting to plastic gift cards.
On A Growth Trajectory
QwikCilver, as a leading stored-value-card solutions company, serves millions of corporate employees in India; and is also the parent company of Woohoo.in, the online megastore for gift cards and gift vouchers. QwikCilver has tied up with more than 60 retail brands in over 250 locations across India, which makes it the leading provider of gift cards in India.
Prepaid Gift Cards Versus Sodexo Passes
The article takes a look at how ‘Sodexo passes’ were used as currency at retail stores for meals and much more. However retailers don’t welcome ‘Sodexo passes’ anymore due to high handling costs. On the other hand, plastic gift cards are reusable and rechargeable. They come with magnetic strips which means they can be swiped on any credit card swipe machine.
As the article explains, this reusable aspect is why prepaid gift cards are a popular employee reward in corporate circles. Previously, companies used to hand out gift vouchers as birthday or anniversary gifts. These companies now see the value of preloaded, reloadable plastic cards that can be used for multiple brands at department stores. Such gift cards reduce costs for the company and also lessen fraud and misuse. Transcending the corporate world, plastic gift cards are also becoming popular with consumers, as they provide the much needed freedom and convenience while shopping for gifts.
Link to the original article in Outlook Business here
