As more and more corporate and individual consumers are opting for gift cards, the market for such items in the country is poised to hit a billion dollars (about Rs 6,000 crore) in the next 3 to 5 years, QwikCilver Solutions said.
Bangalore-based QwikCilver Solutions, a private limited entity, provides gift card and prepaid stored value card solutions to retail and corporate customers.
"Presently, the gift card market in India is around USD 500 million and with more and more customers realising the advantages that gift cards give, this market will hit USD 1 billion in 3-5 years from now," Qwikcilver Solutions President Mahesh Bhalla told PTI.
Almost 80 per cent of the gift card market, presently, are corporate, but consumers are also picking up, he added.
"QwikCilver is a major player in this segment. Our site giftbig.Com is India's largest marketplace for gift cards," Bhalla said.
Besides, with growing Internet penetration, growth in online shopping and rising consumerism, more and more people will opt for gift cards than giving cash, he added.
QwikCilver has launched its flexible technology platform, which facilitates retailers to create custom gift cards. The firm has pioneered the concept of closed loop gift cards and prepaid cards category in India.
Closed loop gift cards, like Starbucks gift cards or gift cards by particular shopping is eating retail chains, can only be used at the issuing merchant.
QwikCilver is funded by venture capital firms Helion Venture Partners and Accel Partners.
