The PayBox application announces the expansion of its activity and entry into the digital gift market, a field estimated at a turnover of more than NIS 3 billion a year. The company is launching a "gift hub" within the application, which will allow millions of users to carry out the entire gift-giving process – From collecting group funds to the actual purchase – Under one roof.
According to company data, every minute a new group is opened in the application to collect money for gifts for birthdays, kindergarten teachers, teachers or colleagues at work. The current move is intended to leverage the existing activity and allow collection organizers to complete the process with a direct purchase at a discounted price.
In the first stage, the hub will offer three main options:
- Sending money as a gift: Sending an amount of money in festive digital packaging.
- Discounted gift card: Purchasing a gift voucher at a 10 percent discount, in collaboration with the HitechZone club.
- Flower and wine deliveries: Purchasing flower bouquets, wine and chocolate with home delivery at a 10 percent discount, in collaboration with the ZER4U chain.
The company notes that this is only a first step, and it intends to expand the hub with additional collaborations and diverse gift categories in the near future. PayBox’s entry into the field constitutes direct competition with existing players in the digital gift market, while leveraging the app’s broad user base that is already accustomed to using it for social fund collection purposes.