Gift cards are a popular alternative to cash or gift vouchers in India. Several banks in India, including SBI, Central Bank of India, ICICI Bank, HDFC Bank, Axis Bank, and IDBI Bank, offer prepaid gift cards. These gift cards can be purchased over the counter at designated bank branches and are activated upon payment. They are typically issued by MasterCard or Visa, and customers do not need to be a customer of the issuing bank to purchase them. Personalization options are available for some cards, allowing the beneficiary's name to be added.
Gift cards can be used at any establishment that accepts card payments, both offline and online. The balance on the card decreases with each purchase, and some cards may have a four-digit PIN for balance inquiries at ATMs. Gift cards can be loaded with any amount between Rs 500 and Rs 50,000 and must be used within three years. Refunds are not available once the balance is depleted, and some cards may not allow redemption of unused funds after the validity expires. In case of loss or theft, the card should be reported to the bank immediately, and necessary procedures must be followed to claim a refund or replacement.
Benefits of Corporate Gift Cards in India
Corporate gift cards in India offer numerous benefits for both businesses and recipients. Here are some of the key advantages:
- Increased employee rewards: Gift cards serve as a flexible and desirable incentive for employee rewards. They allow recipients to choose their own gifts, increasing their satisfaction and motivation within the company.
- Enhanced customer loyalty: Gift cards are an effective tool for customer loyalty programs. By offering gift cards as rewards, businesses can show appreciation to their loyal customers and encourage repeat purchases.
- Personalised branding: Corporate gift cards can be customised with the company's branding and logo. This not only enhances brand visibility but also creates a lasting impression on the recipients.
- Convenient and versatile: Gift cards can be distributed as physical cards or in digital form, providing convenience for both businesses and recipients. They can be easily tracked and managed, allowing companies to monitor their gifting expenses and ensure compliance with policies.
- Time and effort-saving: Gift cards eliminate the need for businesses to choose individual gifts for employees or customers. This saves time and effort while still providing a meaningful and valuable reward.
Corporate gift cards in India offer a range of benefits, including increased employee rewards, enhanced customer loyalty, personalised branding, convenience, and time-saving. By leveraging the benefits of gift cards, businesses can create a positive and engaging work environment and build stronger relationships with their customers.
The Future of Corporate Gift Cards in India
The future of corporate gift cards in India is undergoing a transformation with the advent of the Open Network for Digital Commerce (ONDC). This innovative platform has introduced the ONDC Network Gift Card, powered by the Rupay Network, offering a new era of corporate gifting and employee engagement.
Unlike traditional gift cards that are limited to specific brands, the ONDC Network Gift Card provides recipients with the flexibility to choose from a wide range of products and brands within the network. Companies can now issue these gift cards through YES Bank, Omni Card, and other banks and fintech companies.
The ONDC network not only revolutionises the gifting experience but also expands options for businesses and recipients alike. With thousands of sellers and leading Indian fashion and electronic brands available, the ONDC network offers a diverse selection of products for gift card recipients.
Since its launch, the ONDC network has gained significant traction in various retail categories, processing millions of orders. It has also made strides in B2B transactions, international exports, and financial services. As digital commerce continues to grow in India, the ONDC Network Gift Card is set to shape the future of corporate gifting, providing businesses and individuals with even more opportunities and convenience.