Gift card technology and end-to-end prepaid solutions company Qwikcilver, has announced the launch of Woohoo Gift Card Exchange. It claims to be the India’s first fully integrated consumer to consumer (C2C) gift card trading exchange marketplace.
It enables consumers to convert their unused or partially used gift cards to cash, by listing the cards at a price of their choice, on the Woohoo Gifting App. On the other hand, buyers will be able to purchase gift cards from leading brands at special prices with Qwikcilver guaranteed card validity and value.
With the help of this new service, users will also have the opportunity to convert loyalty points generated from various loyalty programs of multiple banks and NBFCs channels to digital gift cards, which can subsequently be sold on the Woohoo Secondary Marketplace.
Commenting on the launch, Pratap TP, Co-Founder & CMO, Qwikcilver said,
We are truly delighted to launch our Woohoo Secondary Gift Card Exchange along with all our brand partners – in time for the festive season coming up across India. This unique Woohoo marketplace has been built on the robust Qwikcilver technology backend to be the most comprehensive and reliable Gift Card Exchange –whereby, all the Gift Cards are validated realtime & instantly, right at the time of listing by the Sellers. 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.
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 Secondary Marketplace. Thus, it makes the process hassle-free as the seller does not need to ship the physical gift card.
The sellers also have the option and flexibility to change the listed price or also delist the gift cards before the sale is done. The listings on the Woohoo platform are instant and once the gift-card is sold, the money is directly credited to the seller’s bank account.
The company had launched mobile gifting store named woohoo.in, which let users conduct transactions and gift their loved ones right through their smartphones. It offers choices among 150+ brands, both online and offline, spanning across more than two dozen gifting categories.
Recently, Qwikcilver has raised around $10 million from Sistema Asia Fund, the proprietary fund of Russian conglomerate Sistema, along with Amazon Asia-Pacific, Accel India and Helion Venture Partners.