Earlier this month, Google launched its much-awaited Google Wallet™ app in India. Leading fintech company Pine Labs today shed more light on the close collaboration with Google Wallet to enable a seamless integration of Gift Cards on the product.
The ‘power of choice’ associated with e-gifting appeals to young consumers and therefore brands in India are constantly looking to cater to this important and growing consumer base. Many exciting Gift Cards use cases such as issuing refunds, credit notes, and promotional offers have emerged as growth drivers which offer brands the opportunity to foster customer loyalty and build long-lasting engagement.
The Gift Cards market in India is expected to increase from US$7.6 billion in 2023 to US$15.7 billion by 2028, as per a report by Research and Markets.[1] A frictionless Gift Cards usage experience enabled by this exclusive partnership between Google Wallet and Pine Labs will provide unprecedented ease and convenience to existing and new users and will eliminate the complexity around usage. Google Wallet users will be able to seamlessly store and manage their Gift Cards journey from within the app and will be intuitively reminded to use it at the point of purchase.
“Pine Labs is delighted to partner with Google India to enable Gift Cards integration with the Google Wallet app. In recent years, we have witnessed a seismic shift in the way merchants have embraced digital modes of payments. Considering the huge Android user base in the country we anticipate a sharp jump in the usage of Gift Cards as more retailers and brands will now look to leverage it in their omnichannel strategy to expand their customer base, improve customer experience, retention, and loyalty,” said Navin Chandani, President – Issuing Business, Pine Labs.
Highlighting the significance of this launch in bringing new levels of convenience for Android users across the country, Ram Papatla, GM & India Engineering Lead, Android at Google, said, “The arrival of Google Wallet in India marks an important milestone in Android’s India journey, bringing innovative and convenient experiences to simplify peoples’ daily lives. We are delighted to partner with many of India’s top brands to offer a comprehensive solution that helps you securely access and manage your everyday essentials. From boarding passes to loyalty, gift cards, and event tickets to public transport passes – they’re there when you need them.”
Pine Labs’ issuing business offers end-to-end capabilities to businesses across diverse industry verticals to issue, process, distribute, and manage prepaid cards. With a market-leading presence in India, the business is now expanding its footprints in Southeast Asia, Australia, USA, and the UAE.