Giftify, Inc. Powers CVS Gift Card Exchange

Rhea-AI Summary

Giftify (NASDAQ: GIFT) announces the continuation of its white label partnership with CVS, powering the CVS Gift Card Exchange platform for a second year. Through the platform at cvs.cardcash.com, customers can exchange unwanted gift cards for CVS store e-credit.

The partnership leverages Giftify's expertise as the owner and operator of CardCash.com and Restaurant.com, platforms focused on retail, dining, and entertainment incentives and rewards. CEO Ketan Thakker emphasizes that this service provides a solution for consumers holding unwanted gift cards, creating a beneficial scenario for all parties involved.

Positive

• Partnership renewal with major retailer CVS
• Expansion of white label business model
• Strategic positioning in gift card exchange market

Negative

• None.

Insights

Financial Analyst

The continuation of the CVS white label partnership represents a strategic revenue stream for Giftify, though financial terms remain undisclosed. The gift card exchange market has shown resilience, with the secondary gift card market estimated at $3 billion annually. This partnership helps GIFT maintain its competitive position in the digital gift card exchange space, particularly valuable given their $40.8 million market cap.

The business model is particularly attractive as it generates revenue through the spread between purchase and resale prices of gift cards, while requiring minimal capital investment. The CVS partnership provides both transaction volume and brand credibility, potentially leading to similar partnerships with other major retailers. However, without specific financial metrics or transaction volumes, it's challenging to quantify the direct impact on GIFT's bottom line.

Market Research Analyst

The timing of this partnership renewal is strategically significant, coming after the holiday season when consumers are most likely to hold unwanted gift cards. The gift card exchange market typically sees its highest activity in Q1, with approximately 40% of annual gift card exchanges occurring during this period. CVS's extensive retail footprint of over 9,000 locations provides substantial customer reach and creates a powerful network effect for Giftify's platform.

The partnership demonstrates a clear product-market fit, addressing consumer pain points around unused gift cards while driving foot traffic to CVS stores through store credit conversion. This model creates a virtuous cycle: more gift card submissions lead to increased CVS store credits, potentially generating additional retail sales for CVS while providing Giftify with transaction fees.

White Label Partnership Enters its 2^nd Year

SCHAUMBURG, IL, Jan. 13, 2025 (GLOBE NEWSWIRE) -- Giftify, Inc. (NASDAQ: GIFT) (the “Company”), the owner and operator of leading digital platforms, CardCash.com and Restaurant.com, with a focus on incentives and rewards in retail, dining & entertainment experiences, is pleased to announce its white label partnership with CVS, powering their CVS Gift Card Exchange is now entering its 2^nd year.

The platform that enables CVS to accept unwanted gift cards for store e-credit is accessible here:
https://cvs.cardcash.com.

Ketan Thakker, Chief Executive Officer of Giftify, Inc., commented, “We are pleased to enter our second year working together with CVS in enabling their gift card exchange program. More and more retailers are aligning with our vision in that when they're well-chosen, gift cards are probably the best, most versatile gifts anyone could receive. But if you've been given a gift card to a store or restaurant that you don't enjoy, it can feel like a burden weighing down your wallet. The option to trade in your unwanted gift cards online is a win-win for all.”

About Giftify, Inc.

Giftify, Inc. is a pioneer in the incentive and rewards industry with a focus on retail, dining & entertainment experiences, as the owner and operator of leading digital platforms, CardCash.com and Restaurant.com. CardCash.com is a leading secondary gift card exchange platform, allowing consumers and retailers to realize value by buying and selling gift cards at various scales. Its Restaurant.com is the nation’s largest restaurant-focused digital deals brand. Restaurant.com and our Corporate Incentives division connect digital consumers, businesses and communities offering thousands of dining, retail and entertainment deals options nationwide at over 184,000 restaurants and retailers. Restaurant.com prides itself on offering the best deal, every meal. Our gift cards and restaurant certificates allow customers to save at thousands of restaurants across the country with just a few clicks.

For more information, visit: www.giftifyinc.com and www.cardcash.com and https://www.restaurant.com.

Forward-Looking Statements

Press Releases may include forward-looking statements. In particular, the words “believe,” “may,” “could,” “should,” “expect,” “anticipate,” “estimate,” “project," "propose," "plan," "intend," and similar conditional words and expressions are intended to identify forward-looking statements. Any statements made in this news release about an action, event or development, are forward-looking statements. Such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the company. Accordingly, you should not place undue reliance on these forward-looking statements. Although the company believes that the expectations reflected in the forward-looking statements are reasonable, it can give no assurance that its forward-looking statements will prove to be correct. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. The company takes no obligation to update or correct its own forward-looking statements, except as required by law or those prepared by third parties that are not paid by the company. Statements in this press release that are not historical fact may be deemed forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Although Giftify, Inc. believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, Giftify, Inc. is unable to give any assurance that its expectations will be attained. Factors that could cause actual results to differ materially from expectations include the company’s ability identify a suitable business model for the corporation.

Investors Contacts:
IR@giftifyinc.com

FAQ

What is the CVS Gift Card Exchange partnership with Giftify (GIFT) in 2025?

In January 2025, Giftify (GIFT) announced the continuation of its white label partnership with CVS for a second year, powering the CVS Gift Card Exchange platform that allows customers to exchange unwanted gift cards for CVS store e-credit.

How does the CVS Gift Card Exchange powered by Giftify (GIFT) work?

The platform, accessible at cvs.cardcash.com, allows customers to trade in their unwanted gift cards in exchange for CVS store e-credit.

What platforms does Giftify (GIFT) own and operate?

Giftify owns and operates CardCash.com and Restaurant.com, which are digital platforms focused on incentives and rewards in retail, dining, and entertainment experiences.

When did Giftify (GIFT) begin its partnership with CVS for gift card exchange?

The partnership began in 2024, as indicated by the announcement that it is entering its second year in January 2025.