CVS Pharmacy launches gift-card exchange that allows customers to trade unspent gift cards for CVS electronic gift card, redeemable in any CVS store
SAN MATEO, California
November 28, 2012
– Plastic Jungle announced today that it has launched a gift card exchange in 7,400 CVS/pharmacy stores in the US. In a first of its kind program, Plastic Jungle is powering an exchange that allows CVS/pharmacy customers to sell unspent gift cards in-store and receive a CVS/pharmacy electronic gift card in return. The CVS/pharmacy gift card is redeemable in any CVS/pharmacy store. The service is available to CVS/pharmacy customers through a user's smartphone or online at cvsgiftcard.plasticjungle.com. Signs bearing a unique QR code on the Prepaid Card installations in 7,400 CVS/pharmacy locations across the U.S. will be displayed for consumers to scan the code with any QR code reader. This will launch the service and allow CVS/pharmacy customers to participate in this program.
The program demonstrates the continued innovation that Plastic Jungle brings its retail partners. Using QR, SMS, and web-technology, CVS/pharmacy consumers can now sell more than 150 gift cards through this exchange and receive CVS/pharmacy shopping credit in the form of an electronic gift card. This program monetizes the billions of dollars of unused cards giving customers more spending power exactly when and where they want it. Plastic Jungle 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," said Margaret Mackenzie, CEO of Plastic Jungle. "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."
About Plastic Jungle
Plastic Jungle (www.plasticjungle.com) is the web's largest secured gift card exchange, giving consumers the choice and flexibility to convert their gift cards into other forms of spending power -- including online balances to use at the millions of merchants that accept PayPal; Amazon.com Gift Cards; and a variety of other payment formats. Plastic Jungle's patent-pending marketplace and payment applications aim to safely unlock the estimated $30 billion in unredeemed gift cards trapped in the economy for the benefit of consumers and merchants alike. Based in San Jose, California, the company is privately held, with venture backing from Shasta Ventures, Redpoint Ventures, Jafco Ventures, First Round Capital, Bay Partners, Harrison Metal and Western Technology Investment.
CVS/pharmacy, the retail division of CVS Caremark Corporation (NYSE: CVS), is America's leading retail pharmacy with 7,400 CVS/pharmacy and Longs Drug stores. CVS/pharmacy is reinventing pharmacy to help people on their path to better health by providing the most accessible and personalized expertise, both in its stores and online at CVS.com. General information about CVS/pharmacy and CVS Caremark is available at http://info.cvscaremark.com.