Retail News Breaks Archives
CVS/pharmacy offers gift card trade-ins
November 29th, 2012
SAN MATEO, Calif. – CVS/pharmacy stores have launched a gift card exchange in conjunction with Plastic Jungle.
Plastic Jungle said Wednesday that the program marks a first. Through the exchange, CVS customers can sell unspent gift cards in-store and get a CVS electronic gift card in return. The CVS gift card is redeemable in any of the drug chain's stores.
The service is available to CVS customers via their smartphones or online at cvsgiftcard.plasticjungle.com. Signs bearing a QR code on the prepaid card installations in CVS' more than 7,400 drug stores will be displayed for consumers to scan the code with any QR code reader. That will launch the service and enable CVS customers to participate in the program.
CVS customers can now sell more than 150 gift cards through the exchange and get CVS shopping credit in the form of an electronic gift card.
Plastic Jungle noted that its program monetizes the billions of dollars of unused gift cards by giving customers more spending power "exactly when and where they want it." The company said it acts as the clearinghouse for the card sales, based on the cards' market value in Plastic Jungle's marketplace.
"We are delighted to have CVS/pharmacy — a pioneer in delivering prepaid and gift card value to consumers — as our launch partner for our real-time, mobile gift card exchange," stated Margaret Mackenzie, chief executive officer of Plastic Jungle, an online gift card exchange provider. "Plastic Jungle has developed a state-of-the-art platform that allows consumers to get more value and choice from the gift cards they receive. Our ability to make this an immediate process that delivers value to both the consumer and CVS/pharmacy is representative of the approach we have taken to unlocking gift card value."