Amazon has rebranded its Gift Card balance to Amazon Pay balance which can be topped up with recharges of Rs 1,000, 2,000, 5,000, 9,000 and a custom amount. Essentially, gift card balance is the money equal to the value of the gift card price or what is left over when one makes a purchase with an Amazon gift card but does not utilise the complete value of the gift card.
Amazon Pay can be loaded by credit and debit cards and net banking. The existing gift card balance will show up as Amazon Pay balance. With Pay, users can buy everything on the ecommerce website (currently over 6 crore items) except a set of items like Amazon gift cards, gold coins and bank cards among others it does not mention.
The company claims that this will ensure faster checkout through single step payment and offer refunds for orders in 24 hours. It will offer exclusive discounts in case the user chooses to make a purchase with the payment method, but the discounts cannot be clubbed with other methods of payment. A user’s gift card/Pay balance is visible in the “statements” tab.
In one transaction, users can add between Rs 10 and Rs 10,000 but there’s no limit on the number of transactions. Amazon Pay balance is valid for 1 year and orders which were paid for by Pay will be refunded to Pay. In case the order is paid for partially by Pay and other digital methods, the refund will go to the original payment methods.
Globally, the ecommerce giant operates Amazon Payments for online transaction processing and is available to not just users but also businesses and developers. It also offers a Pay With Amazon for ecommerce websites.
Amazon Pay balance should not be confused with Amazon gift cards from Amazon and other companies like Big Bazaar, Cleartrip, Pizza Hut, BookMyShow, Lifestyle etc. which are still sold separately on the platform.
QwikCilver’s wallet for Amazon
In late 2014, we’d reported that Amazon’s strategic investment in e-gifting platform QwikCilver would give it access to a semi closed wallet system. QwikCilver had secured a five-year prepaid mobile wallet license from RBI in August 2013. In early 2015, Amazon APAC led a $10 million investment in QwikCilver for a supposed 15% stake. This July, it received another round of funding led by Sistema Asia Fund Advisory and participation from unnamed existing investors.
Liquidating unused gift cards on QwikCilver
Recently, QwikCilver launched a gift card exchange program to enable users to sell and buy gift cards on its Woohoo app. Users could convert unused or partially used gift cards to cash on the app, as well as convert loyalty points generated from various loyalty programs of banks etc., to digital gift cards that could be sold on the app’s marketplace.