TransferTo, a leading Cross-Border Mobile Payments Network, has partnered with Qwikcilver, a pioneer of pre-paid retailer gift cards in India, 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 demonetisation 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 favourite 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.
Eric Barbier, CEO of TransferTo, says, “TransferTo is committed to providing a seamless solution for international money transfer services to reach billions of people across India, and other emerging markets. Sending money and gifts home should be easy, as simple as sending an SMS - and we’re making this happen.” “We’re thrilled to be working with Qwikcilver and providing our network partners with the ability to better serve their customers and help them send gifts home to the people who matter most.”
Sadiq Ahamed, Chief Strategy Officer at Qwikcilver commented, "Gifting forms one of the most important sources of remittance to India. Gifting through gift cards will soon become the most convenient way for NRIs to gift to their near and dear ones in India. This partnership will allow us to leverage TransferTo's vast network to enable this unique use for gift cards."
The official roll-out of the gift cards is taking place across April 2017.