Qwikcilver, a Pine Labs company and a global leader in end-to-end gifting and stored value solutions introduces No-Cost EMI on E-Gift cards. Consumers can now avail the same on the company’s consumer platform www. woohoo.in and the mobile application, where one can simply select EMI option at the checkout and go for the credit card or debit card option. The No Cost EMI payment option on a gift card can be availed using the credit card of listed banks, the minimum ticket size to get eligible for the same is INR 4000 & above. On Woohoo, one can instantly send an E-Gift Card to their friends and family via SMS, Email and WhatsApp.
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. When a customer buys a gift card at No cost EMI, all products at the brand store become available to him at a No Cost EMI.
The interest charged by the banks is subsidized 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.
Commenting on the development Kumar Sudarsan, President – Gift, Prepaid and Stored Value, Pine Labs said, “We are excited to extend Buy Now Pay Later in the evolving e-gifting cards segment. 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 their consumers to make smart payment solutions.”
Ramesh Kalyanaraman, Executive Director, Kalyan Jewellers said, “Over the years, our gift card segment had grown exponentially and was mostly led by corporate customers. Today, accelerated by a pandemic led digitisation, we are seeing considerable traction in the space of personal e-gifting as well. 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. This will allow customers to divide purchase cost over a convenient tenure, with no additional or hidden charges. As a brand that has always followed a Customer-First approach, we are positive that this monetary flexibility will be well accepted.”
“The No Cost EMI is a wonderful step-up initiative by Qwikcilver. In today’s scenario it’s important to come up with innovative solutions like this to acquire new customers without them feeling the pinch of it. 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
“Qwikcilver has always been at the forefront of innovation when it comes to driving adoption for gift cards in the Indian market. The No-Cost EMI option is yet another initiative that highlights the same and 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