Deal Taps Estimated $30 Billion Unredeemed Gift Card Economy to Benefit Consumers, Game Developers, Social Publishers and Retailers
Plastic Jungle, the Web's leading gift card exchange, and Offerpal Media, the leader in virtual currency payment alternatives, today announced that they have signed an agreement to allow consumers to convert unused and partially redeemed gift cards into a payment method for virtual currencies. Through this agreement, consumers will be able to exchange gift cards for purchasing power within thousands of the Web's top online games, virtual worlds and social networks, tapping the estimated $30 billion unredeemed gift card economy.
Offerpal's alternative payment platform gives consumers the opportunity to earn virtual currency for free by taking part in targeted advertising offers, shopping at big-brand retailers, completing online surveys, watching videos or otherwise engaging with brands. The agreement with Plastic Jungle extends those payment options to gift cards.
"Plastic Jungle excels at helping people exchange gift cards for whatever it is they really want," said George Garrick, CEO of Offerpal Media. "Our collaboration brings social gamers yet another way to access virtual currency on the games, applications, and sites they love."
Plastic Jungle has deployed a customized site, which will allow consumers to exchange gift cards for Game Points on Offerpal's new portal, GamePoints.com. Gift cards will soon be presented as an alternative payment method available for Offerpal's 2000+ publishers.
Through its gift card exchange, Plastic Jungle ensures that these unused cards are transferred into the hands of the consumers eager to shop with the gift card merchants, allowing these retailers to speed idle gift card balances into incremental revenue and profit, all in a trusted environment.
"Plastic Jungle frees trapped money in the form of unspent gift cards and allows it to start moving again," said Gary Briggs, CEO of Plastic Jungle. "Working with Offerpal, a leader in virtual currency monetization, further taps the unredeemed gift card economy for the benefit of game developers and social publishers and their consumers. We are excited to provide a useful solution for millions of passionate, engaged, and motivated social gamers and the gift cards they have tucked away in their sock drawers."
About Offerpal Media
Offerpal Media is the leader in virtual currency monetization for online games, virtual worlds and social networks. The company's turnkey payment platform gives consumers the opportunity to earn virtual currency for free by taking part in targeted advertising offers, shopping at big-brand retailers, completing online surveys, watching videos or otherwise engaging with brands. Since its launch in 2007, Offerpal has issued more than 1 trillion virtual points to over 225 million consumers across 2,000 publishers. The company is headquartered in Fremont, California. Investors include Interwest Capital, North Bridge Venture Partners, and D. E. Shaw Ventures. For more information, visit www.offerpalmedia.com.
About Plastic Jungle
Plastic Jungle (www.plasticjungle.com) is the Web's leading gift card exchange, offering the best way to sell, buy or donate gift cards in a trusted environment. Consumers can save money at their favorite stores with discounted gift cards up to 30% off, and Plastic Jungle buys unwanted gift cards for up to 92% of the unused balance. The company's mission is to bring liquidity to the estimated $30 billion unredeemed gift card economy for the benefit of consumers, retailers, and other ecommerce companies. Based in San Jose, California, Plastic Jungle is privately held, with venture backing from Shasta Ventures, Redpoint Ventures, First Round Capital, Bay Partners, Harrison Metal, and Western Technology Investment.
Contacts:
Plastic Jungle
Kristin Donelson, 877-695-8645
kc@plasticjungle.net
