As appeared on The Hindu by Peerzada Abrar.
Qwikcilver is the single largest service provider in the prepaid space. Bengaluru-based Qwikcilver aims to manage gift card transactions worth $4 billion in the next two years. The start-up has a 90% market share in the gift card segement, the firm’s co-founder Pratap T. P. said in an interview. “We are looking at $4 billion of throughput (for gift cards) being managed,” said Mr. Pratap, 47-year-old co-founder and director of Qwikcilver. “We are not saying that we have invented gifting. It is the oldest hobby in Indian mythology. But we are packaging gifting fundamentally to the new age Indian consumer.” The gifting industry in India is estimated to be worth about $40 billion and about 2% of it comprises the ‘gift card’ category. This is an opportunity that new-age firms may not have tapped so far.
Prepaid card A ‘gift card’ is a prepaid payment card issued by a retailer or a bank to be used as a substitute for cash for purchases in a specific store or affiliated businesses. Qwikcilver has become the single largest end-to-end service provider in the prepaid gift card space to the retail and services industries in India, South Asia and West Asia The company said that it powers nine out of every 10 gift cards and e-gift cards in India and West Asia.They are being used for occasions such as weddings, birthdays, anniversaries and various festivals.