Your address will show here +12 34 56 78
2017
Qwikcilver GiftCards
As appeared in Entrepreneur India by Sneha Banerjee. 

The custom of gifting is infused in Indian culture and value system. Gifts have always played an important role in traditional occasions like religious festivals, anniversaries and weddings. They have assumed a significant role in modern age celebrations, involving millennials, like Valentine’s Day, Mother’s Day, Father’s Day and a host of other such occasions. Though Indians are particular about issues like size of the gift, packaging and are always careful enough to remove the price tags, several factors have now emerged that are bound to motivate them to use e-gift cards and gift cards. A survey by Qwikcilver reveals e-gift card transaction has increased threefold in the past three years. Even the purchase of gift cards has risen exponentially, displaying a growth rate of 41 per cent in the 2016-17 financial year, compared to 2014-15. The industry is estimated to have the potential to touch $40 billion mark in the Indian market as per industry estimates. Panelists at the Future of Gifting Conclave, held in Bangalore earlier this week, spoke about factors which, they believe, will drive the use of gift cards in years to come

1. More Reasons To Make Merry
The emergence of a number of widely marketed occasions has taken the art of gifting to a whole new level. Apart from the regular ones, people prefer to gift their near and dear ones on occasions like Valentine’s Day, Father’s/Mother’s Day and Thanksgiving among others. Gift cards are crafted to suit these functions and are tailor made to suit customers’ requirements.

2. Digital Drive The emergence of ‘Digital India’ happened much before the official campaign started by the government of India in the form of e-gift cards. India’s urge to make digital payments will force people to prefer e-cards and gift cards over the traditional practice of exchanging money inside closed envelopes.

3. Formal Occasions Gift cards can be a savior in formal occasions and parties, where one does not have a clue of what the host would prefer as gifts. Industry events and corporate parties are occasions where people want to give expensive gifts that will make the receiver truly happy. A well-packaged gift card with a nice brand name on it serves the purpose perfectly.

4. Democratization Of Gifts Gift items have also evolved over the years. Jewellery, cash and cookware are now considered mundane items. The general craze is for a whole new range of innovative, customized articles. Coupons for health spas and salons, movie tickets, sponsored honeymoon packages and healthcare visits are some of the other new options that are gradually gaining traction.

5. The Guilt Of Distance Today, most of us are forced to stay away from our loved ones because of educational or professional priorities. We love to send gifts to our family and friends on special occasions, for being away from them. E-gift cards come to the rescue of consumers who can ship their love in the form of tailor-made gift cards. This also helps those who are looking for instant gift solutions. It is also useful in group-gifting situations. According to Qwikcilver, gift cards are a ‘unicorn growth’ category in India and have developed at a significantly faster pace here than any other western country. Retailers and e-retailers, who were quick to adopt the gift card category, have now built a highly lucrative, additional revenue generation system.
0

E-gifting platform QwikCilver has launched e-gift and gift card store Woohoo.in, which it claims will work across 400 cities and over 150 brands, online and offline. The website has basically been consolidated from and will redirect from its previous offering GiftBig, its users will be migrated to Woohoo.in. Giftbig is now Woohoo The company plans to add 1,000 new brands across categories in the next year and currently has gift cards from Shoppers Stop, Lifestyle, Tata Trent, Titan, Madura Garments, Croma, Cafe Coffee Day, Pizza Hut, Makemytrip, Cleartrip, Thomas Cook, Flipkart, Amazon, Myntra, PVR Cinemas among others. The platform will let users customise plastic and e-cards for multiple occasions and can be redeemed across online and offline stores, also using the mobile app. QwikCilver claims to have around 90% of the prepaid and gift card market share, with over 100 brands across 20 categories like apparel, jewellery, dining, spa and travel among others. It claims to process over 50 million transactions annually across physical and digital cards across desktop and mobile in over 300 towns and cities. Woohoo app: In April this year, after receiving a $10 million injection of funds from Amazon Asia Pacific, Accel Partners and Helion Venture Partners, Quikcilver launched a loyalty rewards points, gift card and virtual wallet app. The Woohoo app lets users pay through mobile online and offline and has partners in brands like Levi’s, Cafe Coffee Day, Cleartrip, Myntra, Payback and MobiKwik among others. RBI wallet license: QwikCilver had secured a five-year prepaid mobile wallet license from RBI in August 2013 along with Mobikwik and Paytm. Amazon’s investment gave it access to QwikCilver’s semi closed wallet system, which would allow them to offer customers a digital wallet service for purchases from the site. In March, Sanjay Tambwekar joined QwikCilver Solutions as its CTO. QwikCilver said that Tambwekar’s experience across technology practices would help QwikCilver to scale up their product platform suite and grow their enterprise architecture, e-commerce and m-commerce. Set up in 2007, QwikCilver provides stored value card solutions to retail and corporate customers. It claims brands like Van Heusen, Shopper’s Stop, Peter England, Yahoo India, Nike, CCD, Levi’s, Microsoft among others as customers. QwikCilver provides gift, loyalty, discount, frequency, corporate campus and credit cards through its SaaS platform enabling a minimal upfront investment. Sourcemedianama.com
1