Gift vouchers are cool, especially when you’re unsure what to give your friend and want to let them choose for themselves. But in Indonesia, it is still a fragmented market where if you buy a gift voucher from one merchant, your friend can only redeem that voucher in that particular chain store. This is a problem Indonesian startup GiftCard.co.id wants to solve, as it offers physical gift cards which can be used in multiple stores.
GiftCard launched its newest product TaDa! (from here on we’ll call it “Tada”) yesterday. Tada is a gift card which can be used for three things by users: redeeming it as voucher card at over 40 Tada merchant partners, donating the card’s value to Tada’s 11 affiliated charity foundations, or simply redeeming the card value for good old cash. Best of all, Tada cards have no expiration date.
Redeeming the cards for cash straight away is always a very tempting choice, and to make sure that doesn’t happen that often, the team will charge a nine percent fee for cash redemptions. GiftCard can also help in preventive measures should you lose your Tada cards – by blocking them and issuing you with new ones. For now, Tada cards can be bought online via bank transfers.
Besides Tada cards, GiftCard also offer corporations to build their own version of gift cards. So far GiftCard has 25 corporate clients which includes big companies such as Carrefour and Mitra Adi Perkasa. DailySocial’s Aulia Masna has high expectations of GiftCard’s business model, saying “If the company brings all the partners together into deploying robust mobile applications that streamlines the purchase and exchange of gift cards and gift vouchers, it could introduce a change in the market, one that may circumvent the regulations governing electronic wallet transactions.”
The founder behind GiftCard is Antonius Taufan, one of Jakarta Founders Institute’s first graduates with Fokado, another gift startup which offers fun activities to users. Taufan built his second startup, GiftCard, in 2011.