Qwikcilver Launches 'Buy Now Pay Later' for E-Gift Cards
Consumers can avail of the no-cost EMI on the company’s consumer platform www. woohoo. in and mobile application
Qwikcilver, a Pine Labs company, introduces no-cost EMI on e-gift cards, which can be availed using the credit card of listed banks. The minimum ticket size to get eligible for the same is Rs 4,000 and above.
Consumers can avail themselves of the same on the company’s consumer platform www. woohoo. in and the mobile application, where one can simply select the EMI option at the checkout and go for the credit card or debit card option. Here, the consumers can send an e-gift card to their loved ones via SMS, email, and WhatsApp.
“Due to the Covid-19 push, BNPL has become a big draw for the consumers and has given us a chance to innovate and open the offerings to our audience to make gift cards an affordable, experiential, and convenient purchase for them. We believe this will be an interesting financial tool not only for our merchant partners to broaden and create a loyal consumer base but also for their consumers to make smart payment solutions,” commented Kumar Sudarsan, President - Gift, Prepaid and Stored Value, Pine Labs.
At present, the customers can buy gift cards of Lifestyle, BigBasket, World of Titan, Central, Westside, Ray-Ban, Pantaloons, Wakefit, Yatra, PCJ Diamond, Home Centre, Fabindia, Kalyan Diamond, Max Fashion, Polaroid, Manyavar, Tagg Digital, Lawrence & Mayo, O2 Spa, Sri Jagdamba Pearls, Gupta Distributors at no cost EMI, along with many other brands in the pipeline.
"With intimate weddings calling for online attendance, e-gift cards have almost become the norm. The same applies during the festive seasons. Keeping in mind the growth of the personal gifting segment, we have introduced a no-cost EMI option for the Kalyan Jewellers Diamond Gift Card, and it is available on www.woohoo.in,” said Ramesh Kalyanaraman, Executive Director, Kalyan Jewellers.
The interest charged by the banks is subsidised by giving an upfront discount of the same value at the checkout itself. This ensures that the customer pays the same amount as the gift card value over the EMI period.
“It's a win-win deal for both the brand and the customer. Polaroid is a brand targeted to millennials: the ones who are feeling the brunt of the current situation. The no-cost EMI gift card initiative is a relief to the buyers,” said, Suman Pareek, Head – Marketing, Safilo India.
"The no-cost EMI option is yet another initiative that makes high denomination brand gift cards appealing for the customer. From a brand's perspective, this can not only drive greater value and ROI but also open up new channels of customer acquisition," said Rohit Suresh, Senior Marketing Manager, Big Basket.