GiftYa™ Raises $1 Million to Develop their Patented Gift Credit System which will Transform the Gift Card Industry

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Jan 30, 2013, 12:05 ET

PITTSBURGH, Jan. 30, 2013 /PRNewswire/ -- GiftYa, LLC a spin-off company of parent GiftCards.com®, LLC announced today receiving $1 million of seed capital to develop and roll out the first version of the GiftYa product, designed to convert gift cards into gift credits, which will change the way consumers buy and use gift cards globally.

GiftYa, LLC owns the gift credit patent issued October 9, 2012, as well as 24 other patents pending surrounding the concepts and use of gift credits.

The GiftYa system, which will be available through a mobile app as well as online, transforms the traditional gift card into a gift credit. Consumers buy a GiftYa gift credit for any merchant, anywhere in the world, and deliver to their friends or relatives at any moment in real time. GiftYa recipients receive an e-mail, text message, and/or Facebook post announcing the GiftYa sender, amount and merchant; all they have to do is go to that merchant and make a purchase with any credit card in their wallet, which will be credited in the amount of the GiftYa gift credit. Any funds not used by the recipient, are then returned to the buyer so no loss in funds associated with gift credits a huge benefit that will transform gift cards.

The $1 million investment into GiftYa comes from the founder of GiftCards.com, Jason Wolfe, 2011 Ernst & Young Entrepreneur Of The Year® award. "We're committed to further growing and transforming the gift card industry and also leading this growth since we entered the industry 14 years ago," comments Wolfe. "GiftYa is the next generation game-changing invention which we have spent 3 years conceiving, developing and patenting. The patented technology solves most of the shortcomings of the current gift card product; GiftYa is digital, can be used at any merchant worldwide, can be customized, has no fees, can be delivered within minutes, and unused funds are returned to the buyer."

The GiftYa product is scheduled for release in the first half of 2013.

About GiftYa™

GiftYa is an innovative, patented mobile and digital gift credit platform. The GiftYa platform transforms the plastic gift card as a gift credit allowing consumers to deliver and redeem electronic gift credits for any merchant anywhere in the world, immediately and without fees.

About GiftCards.com®, LLC

GiftCards.com is the online leader in gift cards, corporate incentives, group gifts, and discount gift cards to hundreds of today's most popular retailers. GiftCards.com is the exclusive website to offer payment association branded gift cards to over 4 million local retailers, including restaurants, apparel retailers, car washes and more.

Website: www.giftya.com

SOURCE GiftYa