Majid Al Futtaim launches Visa gift cards
Dubai, December 18, 2010
Majid Al Futtaim Finance, a fully owned subsidiary of Majid Al Futtaim Ventures, has launched “Just for you” Visa gift cards in various denominations, allowing the receiver freedom of choice.
One may gift from Dh100 ($27.20) – Dh3,500 ($953) to celebrate all manner of holidays and occasions, a statement said.
The cards, which are accepted worldwide and can also be used for online purchases, cost Dh15 and can be purchased at over 100 ENOC / EPPCO / Zoom convenience stores and Geant across the UAE. The cards will also be available at Carrefour and Al Ghurair Exchange outlets.
Research from the US, where almost 70 per cent of participants of a recent survey planned to purchase gift cards for the holiday season, found that more than $18 billion is spent on gift cards in that market, with forecasts for gift card sales reaching $47 billion in the next four years.
Average consumers in America purchase at least three to four gift cards in the holiday season, according to market research firm Packaged Facts.
“The diversity of the UAE’s population and the practice of gift-giving for all major holidays as well as birthdays, anniversaries, the arrival of new babies, graduations and other celebratory occasions means that this market is awash in ‘unwanted’ gifts that then may be passed along inappropriately in the practice of ‘regifting’ – this issue of wasted money is addressed quickly and easily through the giving of a Visa “Just for you” gift card from Majid Al Futtaim Finance,” said Rasool Hujair, CEO, Majid Al Futtaim Finance.
“A Visa 'Just for you' gift card takes all of the guess work out of gift-giving – it’s always the right size, always appropriate because it enables the recipient to choose whatever he or she likes, and can be used anywhere in the world that Visa is accepted.”
“If users register their gift cards, they are safer than cash gifts because they can also be replaced if lost or stolen, and their acceptance online means that consumer can shop via the Internet without the fear of giving a credit card number,” he added.
The popularity of gift cards in markets such as the US – where they are the second most given gift annually, with more than 50 per cent of consumers saying they would like to receive, according to research from Packaged Facts – bodes well for the launch of the concept in the UAE, where credit card usage and the practice of frequent gift-giving are both high.
Majid Al Futtaim Finance has timed the launch of its Visa “Just for you” gift cards to correspond with the company’s second anniversary as a member of the UAE’s credit card sector.
To make gift-giving even easier, the company has pre-packaged each one of the four varieties of gift card available – marking a birthday, seasonal greetings, hearty congratulations or a special gift -- with a quality greeting card and envelope so that the message can be personalized and the consumer does not need to buy a separate greeting card.
“There is tremendous potential in how gift cards can be used and who can enjoy the benefits – students going off to university, people wanting to shop more safely online within a certain price limit, and even younger consumers learning to spend money responsibly – to mark our second anniversary in the UAE, the Visa “Just for you” gift card is actually our way of celebrating with consumers here,” concluded Hujair. – TradeArabia News Service