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GIFT MARKET ESTIMATED TO BE MORE THAN $30 BILLION
New Delhi, September 27, 2011: American Express today launched a new prepaid Gift Card – The American Express Gift Card. The Gift Card lets the recipient choose from millions of products and experiences, making it the ideal gifting solution for consumers and businesses.
The American Express Gift Card, available in two variants – the Classic and the Diwali Gift Card, has no fees after purchase, unlike some other gift cards already available in the market. There are no fees for checking balance, monthly servicing or for card replacement.
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Announcing the launch, Mr. Alpesh Chokshi, President, Global Payment Options, American Express said, “Gifting is an integral part of Indian culture and we’re excited to launch the American Express Gift Card in India, providing millions of consumers and corporations with the perfect gift for any occasion. With the American Express Gift Card, recipients are getting a gift card that’s 100% gift, 0% fees.”
The American Express Gift Card can be redeemed at any location in India that accepts American Express® Cards – ensuring that recipients get just what they want, from where they want – the gift of their choice. The Gift Card fits easily in a wallet, just like American Express Credit and Charge Cards. Additionally, the American Express Gift Card recipient will have access to year round offers from all merchants participating in the American Express ‘Selects Program’ that offers attractive merchant discounts.
"With the launch of the American Express Gift Card in India, we are setting a new standard in the gifting segment, which is estimated to be more than $30 billion," said Mr. James Mirfin, Vice President and General Manager, Global Payment Options, American Express India. "Corporations and individuals in India can now give the gift of choice with the American Express Gift Card. Unlike store gift cards and vouchers, American Express Gift Cards can be used for purchases at any retailer in India, including online merchants, who welcome American Express Cards. Moreover, one Gift Card can be used a number of times, at different retailers, until the funds are depleted.”
Initially, American Express is offering this Gift Card to its corporate customers as an efficient and flexible tool to reward and recognize their employees. The Gift Card will be available to consumers, online and in retail, later this year.
“More and more companies are looking to give flexible reward options to meet the evolving needs of employees. The American Express Gift Card is an ideal reward for both employees and customers. The Gift Card lets them choose the reward they want while giving companies the freedom from buying and storing gifts,” added Mr. Mirfin.
The American Express Gift Card launched just in time for the festive season makes it the perfect gifting option for consumers and corporates.
The American Express Gift Card will be available in Rs. 500, Rs. 1000, Rs. 2000 and Rs. 5000 denominations. The Gift Card is replaceable for free if lost or stolen.
About American Express
American Express is a global services company, providing customers with access to products, insights and experiences that enrich lives and build business success. Present in India since 1921, American Express provides high quality travel related services to individuals and corporates in India. American Express Card products available in India include the Green and Gold Charge Cards, Green and Gold Credit Cards, Airline Co-brand Cards, the Corporate Charge Card and The Platinum Charge and Credit Card. Learn more atwww.americanexpress.co.in and connect with us on www.facebook.com/americanexpressindia.
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