A Decade of Over Billion Deliveries and Growing

December 7, 2024: In celebration of a decade of delighting customers with the convenience and versatility of gifting the Amazon way, Amazon Pay announced that it has successfully delivered over a billion gift cards to Indian customers, reflecting the growing popularity of these cards in the broader Indian gift card market. Issued by Pine Labs under the brand name of Qwikcilver and branded with Amazon Pay India Private Limited (Amazon Pay), since their launch in FY 2014, Amazon Pay Gift Cards have consistently delivered value to customers, showing a double-digit growth year-on-year

Amazon Pay now offers a broad range of gift card options, including Amazon Shopping Vouchers, Amazon Fresh Vouchers, Amazon Prime Vouchers, and the new Amazon Gold Vouchers, all designed to provide customers with more flexibility in their gifting choices. These offerings cater to a wide variety of preferences, ensuring there’s something for everyone.

To meet the needs of India’s rapidly growing gaming community, which spans over 400 million gamers (Source: Invest India), Amazon Pay has introduced gaming gift cards for popular platforms such as Apple App Store, Valorant, Unipin, Steam, and PlayStation. These new gift cards have quickly gained popularity, driving a 10% increase in monthly sales compared to Amazon Pay’s existing gift card base.

Neha Gupta Mahatme, Director – Stored Value & Gifting, at Amazon Pay, commented on the anniversary, saying, “We are grateful to our customers for making Amazon Pay Gift Cards a trusted and preferred choice over the past decade. With over a billion gift cards delivered, millions of customers shared the joy of gifting in a simple and meaningful way. The 40% increase in gift card purchases during the 2024 Amazon Great Indian Festival reflects the growing trust and love our customers have shown. As we celebrate this milestone, we remain focused on continuously improving and providing gifting solutions that truly meet the needs and preferences of our customers.”

Commenting on the 10th anniversary, Navin Chandani, President – Issuing Business, Global at Pine Labs said “Our decade-long partnership with Amazon Pay has been instrumental in reshaping the gift card experience in India, combining Pine Labs’ tech expertise with Amazon Pay’s reach and brand loyalty. Together, we’ve introduced a robust, scalable gift card solution that caters to millions of customers and continues to drive significant value across demographics. As we celebrate this milestone, Pine Labs remains committed to enhancing our platforms, delivering secure, versatile, and innovative card issuing and processing solutions that respond to India’s evolving trends.”

In line with its mission to simplify customers’ lives, Amazon Pay introduced the ability for customers to instantly share gift cards via messaging apps, making gifting faster and easier than ever. To enhance the experience, Amazon Pay also launched personalized gift cards featuring designs by artist Alicia Souza, animated options meetings of the day!

, and vernacular language cards, offering something for every customer. These innovations have not only driven higher gift card usage but also set Amazon Pay Gift Cards apart in the Indian market. With the flexibility to shop on Amazon and partner platforms like Swiggy, Uber, and 1MG, Amazon Pay Gift Cards have become the gift of choice for individuals and businesses seeking versatile, rewarding gifting solutions.

As India’s gifting landscape transforms, Amazon Pay Gift Cards remain at the forefront of the digital gifting revolution. With factors such as increased internet penetration, rising disposable incomes, and the expansion of e-commerce driving growth, the Indian gift card market is expected to reach a valuation of USD 57.27 billion by 2032, at a compound annual growth rate of 13.5% (Source: Credence Research). Amazon Pay Gift Cards have firmly established themselves as a key player in this thriving industry.