GiftYa, a spin-off company of GiftCards.com, has received $1 million from founder Jason Wolfe to develop the first version of the GiftYa product, designed to convert gift cards into gift credits. The product is scheduled for release in the first half of 2013.
The GiftYa system will be available through a mobile app as well as online. It will allow customers to buy gift credit and inform the recipient it via e-mail, text message or Facebook. The recipient will then go to the merchant and make a purchase with any credit card which will be credited in the amount of the gift credit. Any funds not used will be returned to the buyer.
According to Wolfe, who received the 2011 Ernst & Young Entrepreneur Of The Year award: “We’re committed to further growing and transforming the gift card industry… GiftYa is the next generation game-changing invention which we have spent 3 years conceiving, developing and patenting.”
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