Qwikcilver, a gift card specialist in India has teamed with TransferTo, a Cross-Border Mobile Payments Network to enable the Indian Diaspora, living outside of India, to send digital gift cards back home to their families.
People remit money for a multitude of reasons – mainly to support family back home – and remittances currently represent a large source of income across India.
In fact, India is the world’s largest inbound remittance recipient, attracting USD $69 billion in 2015. So to ensure its citizens live in a transparent society, the Indian government has now started taking action to move the country through a total demonetization process.
This means all payments across the country will eventually move to digital, and in many cases, straight from cash to mobile wallet.
These gift cards will help support India’s plans to go cashless and provide secure monetary transactions for both the sender and recipient. They are a very convenient way to treat loved ones back home with money to spend on some of their favorite brands and act as a great complement to cash transfers.
On top of this, digital gift cards provide total transparency, giving the sender full control on how the money will be used.
TransferTo will play an instrumental role in the distribution of the gift cards to its network of worldwide partners, with the initial launch focusing on the Middle East – home to one of the world’s largest Indian Diaspora populations.
Vouchers can be redeemed across Qwikcilver’s vast network of over 150 leading brands across India, such as Bata, Big Bazaar, KFC, Pizza Hut and BookMyShow.
Credit can be purchased online for the preferred brand, and a confirmation SMS will then be sent directly to both sender and recipient. The recipient can then use the digital PIN provided to redeem the vouchers and enjoy their gift.
The official rollout of the gift cards is taking place across April 2017.
Qwikcilver Technology is deployed by over 150 leading brands and retailers across India and globally. The company has experienced a 300% year-on-year growth over the last 4 years, and manages 14 million monthly transactions across 10,000+ points of sale.