Asides the use of crypto and stablecoins to facilitate transactions in Nigeria, another fast-rising means of payment in Nigeria and Africa as a whole is the use of gift cards.
Gift cards have become an integral part of Nigeria’s digital payment revolution and the trend doesn’t seem to be slowing down.
Most crypto platforms and apps are keying into this new niche by also offering options to convert gift cards to local currencies.
In Nigeria, the case is not different as several crypto platforms also offer Gift card trading options or own sister Gift card apps.
Before we dive into crypto platforms that offer Gift card trading options or own Gift card apps. Let us briefly look at what Gift cards are and how they are used to facilitate transactions.
What are Gift cards?
According to Investopedia, A gift card also known as a stored value card is a form of payment that can be used to make purchases at retail stores, gas stations, restaurants, and other locations. You load money onto the card, which you or the gift card recipient can spend at accepted locations.
Gift cards can either exist in physical or Digital form. The best gift cards in Nigeria are international gift cards that most people can use within and outside Nigeria.
They are often offered by large international brands to their customers for use in any of their outlets in the world.
The most common gift cards in Nigeria include Apple/iTunes, Google Play, Amazon, Sephora, and American Express gift cards. Others include Steam, Razer Gold, eBay, Walmart, and Nike.
Gift cards are traded in Nigeria and used as a store of value just like crypto stable coins. There are two main types of gift card trading apps: peer-to-peer (P2P) and gift card exchange platforms.
Below are 5 apps high rated apps that you can use to convert your gift cards to Naira instantly :
GiftCardstoNaira is a leading app in the gift card conversion business. The app allows its users to convert their Gift cards to Naira or Cedis instantly.
The app was established in 2017 and has been in business for 7 years. Throughout its 7 years of service, GCTN has gathered over 300,000 customers and is rated a 4.5 on the Google Play Store.
GCTN supports the trading of Steam, Google, Apple iTunes, Sephora, and Amazon gift cards.
Cardtonic is another highly rated gift card trading app used mostly in Nigeria. Cardtonic facilitates the collection of unwanted gift cards, such as Amazon, Google, Apple, iTunes, and more, and sells them in exchange for Naira within minutes.
Cardtonic is rated 4.1 on Google Store and has over 13,916 votes.
Local traders fall under the category of peer-to-peer (P2P) gift card trading apps. The platform connects buyers and sellers of gift cards directly while charging zero fees.
The app at its core is a P2P crypto platform offering up to 750 payment options including Nigerian banks. However, the app has a Gift card option where users can select gift cards as a payment option and trade them for naira.
Local Traders is a good example of a P2P crypto platform that also houses a Gift card feature.
Apexpay helps users convert their gift cards to Naira or Cedis instantly. The app facilitates the conversion of gift cards to local currencies using swift bank transfers.
The app works efficiently in Nigeria and Ghana with hopes of expansion soon.
Prestmit is a gift card trading app that facilitates the trading of gift cards and their conversion to Naira or Cedis.
Prestmit has been around for a while and the platform’s website also serves as a great resource for everything gift card trading in Nigeria.
The app also facilitates crypto trading and falls under the category of crypto platforms with a gift card feature.
What to Know
- Gift cards are perceived as a store of value and a payment option for online shopping. However, in Nigeria due to the Naira to Dollar Disparity, gift cards are treated as stable coins and are almost perceived as a currency.
- Amazon, Apple, and iTunes gift cards are some of the most common ones in the Nigerian space.