E-gifting platform Qwikcilver Solutions has partnered with Samsung to launch a gift card store on Samsung Pay. The gift card store will be managed end-to-end by Qwikcilver and consumers will get access to gift cards from over 20 brands. With this, Samsung Pay users will be able to send, receive, and use gift cards. Users will be able to buy gift cards via the store and will be able to choose the brand and the denominations of the gift cards.
Qwikcilver says that it has done around 200 million transactions in the last one year worth Rs 3,000 crore. The average load value on Qwikcilver gift cards is at around Rs 2,126, as indicated by this Mint report. The publication added that the company is looking at expanding to other segments such as music streaming, automotive car care, healthcare, grocery, personal care, matrimony, jejewelry, and furniture in the next three years.
Samsung Pay uses NFC (meant for smartphones) and MST (Magnetic Secure Transmission) technology which will work on any PoS machine. MST allows a user to send a magnetic signal from a smartphone to the payment terminal’s card reader. Samsung said that the payment option will not support online purchases and will work only for in-store purchases.
Samsung Pay’s partnerships in India
Samsung Pay went live earlier this March and has been steadily increasing the number of partnerships it has.
- In India, Samsung Pay supports mobile wallets like Paytm, MobiWkik for which users will have to scan a QR code to make a payment.
- PoS terminal maker MSwipe also supports the payment method, for which users will have to choose their debit or credit card and tap their Samsung device on an Mswipe terminal to complete the purchase. All MSwipe terminals have NFC enabled on them.
- Samsung Pay also has integrated the Unified Payments Interface (UPI) on its app in India. The company said that its UPI payments will be hosted by Axis Bank and will have a separate handle called @pingpay.
In July last year, QwikCilver Solutions raised an undisclosed amount of funding led by Sistema Asia Fund Advisory and participation from existing investors. Qwikcilver raised $10 million led by Singapore-based Amazon Asia Pacific and Accel Partners and Helion Venture Partners, with Amazon picking up a 15% stake in the e-gifting platform in January 2015.