Qwikcilver, a Pine Labs company and a global player 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.”