AmEx had just announced a new prepaid gift card program in India.
Announcing the launch, American Express Global Payment Options President Alpesh Chokshi said, “Gifting is an integral part of Indian culture and we are 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 launch of the American Express gift card in India, Chokshi said, “We are setting a new standard in the gifting segment, which is estimated to be more than USD 30 billion.”
The prepaid market in India is booming. Noting the opportunity, Amex teamed with ICICI Bank to launch an AmEx prepaid travel card in India in October of 2010.