The Surprising Number Behind Unused Gift Cards

Gift card resell and exchange sites see a significant bump in business at the end of December and throughout the month of January. Wonder why?

Because people are trying to sell or trade the gift cards you gave them. Now, that’s not saying your friends or family are ungrateful. It’s simply saying they don’t know what to do with the gift card you sent for a restaurant that’s 50 minutes away or, quite frankly, they just don’t like.

Gift cards have been at the top of Christmas gift lists for years and their popularity isn’t declining any time soon. But instead of giving a gift card that may go unused, why not give something the recipient will actually want? I already know what you’re going to say…”I’m stuck with getting my nephew a gift card for a restaurant that’s 50 miles away because his favorite local pub doesn’t sell gift cards.” Well, you’re right. There’s been a void in the market for these smaller businesses to offer gift cards.

According to a study by CEB TowerGroup, $1 billion in gift cards go unused every single year. Yes, you’ve read that correctly...$1 billion. Not to mention the amount of plastic associated with gift cards. Did you know that 1.6 billion gift cards are printed yearly? That’s 9,000 tons of plastic. To put that into perspective, the average weight of a compact car is nearly 3,000 pounds.

So, what can be done about these astronomical numbers?

 That’s where GiftYa enters the picture. With GiftYa you can text a personalized gift for any national or local merchant in the U.S. How it works is actually really interesting. Let’s say it’s your friend’s birthday and you know they’re a big fan of the ice cream shop around the corner from their house. You can, in fact, give them a GiftYa to that ice cream parlor. Go to the GiftYa app or website and search for a specific merchant, for example, the local ice cream shop. You’ll then be prompted to add the recipient’s phone number and amount. You can even customize the GiftYa with a personal photo or video plus a wrapper. Select the delivery date, add a message and that’s it. Once the recipient receives their GiftYa they’ll connect their Visa or Mastercard. They’ll then go to the merchant specified, for example, the local ice cream shop. When they’re ready to make a payment, they’ll use the bank card they’ve connected to their GiftYa account and will receive a credit to their bank account within one to three business days.

But you aren’t just limited to ice cream parlors or restaurants. You can literally purchase a GiftYa for anywhere that takes bank card transactions such as the barber shop, movie theaters, amusement parks and more.

 We’ve partnered with large financial institutions including Visa, Mastercard and Plaid to provide a trusted way to give. This is a no-waste gifting option that doesn’t get lost in a junk drawer, re-gifted or lost. Why restrict yourself to the gift card rack in the grocery store? 

I’m really passionate about this because it works and, let’s face it, the gift card is broken.