GiftYa announced that it received $1 million to deploy its patented “Gift Credit System.” The GiftYa system enables the gift giver to give a credit tied to a specific merchant. Then:
GiftYa recipients receive an e-mail, text message, and/or Facebook post announcing the GiftYa sender, amount and merchant; all they have to do is go to that merchant and make a purchase with any credit card in their wallet, which will be credited in the amount of the GiftYa gift credit.
This approach relies completely on virtual delivery in that no physical card is involved. According to GiftYa this fixes all that ails the gift card market:
The patented technology solves most of the shortcomings of the current gift card product; GiftYa is digital, can be used at any merchant worldwide, can be customized, has no fees, can be delivered within minutes, and unused funds are returned to the buyer.
Two items not discussed is how this approach might benefit the merchant and what percent of the gift giving public are comfortable not giving the recipient something to unwrap and hold.
Click here to read more from GiftYa’s press release.
