SAN FRANCISCO, CA--(Marketwire - October 26, 2010) - Innovate 2010 -- Plastic Jungle, the Web's leading gift card exchange, is using PayPal, the world's first truly open global payments platform, to allow PayPal users to fund their PayPal accounts with gift cards they are not planning to use. The gift card exchange application was officially debuted today at the PayPal X Innovate 2010 conference and is now available to a limited number of PayPal users. The application will be released to the wider public in early 2011.
This application, which uses PayPal's new Adaptive Payments APIs, will allow PayPal's millions of U.S. users to sell gift cards to Plastic Jungle and receive up to 92% of the verified balance transferred into their PayPal accounts. For instance, someone could sell a gift card to a department store and quickly receive funds in his or her PayPal account to put toward another purchase or to pay a bill.
In the coming months, Plastic Jungle customers will also be able to sell their gift cards and receive funds transferred into their PayPal account balance directly on the Plastic Jungle website.
Gift cards that are converted into a PayPal balance are then resold on the Plastic Jungle marketplace to motivated shoppers, allowing merchants to connect with their most productive customers in new and innovative ways.
"We're very pleased to introduce an electronic, user-friendly gift card exchange experience to PayPal and Plastic Jungle users," said Plastic Jungle CEO Bruce Bower. "One of the most exciting features of this new capability with PayPal will be the opportunity to convert the value of gift cards easily into digital funds."
He added, "The PayPal feature on Plastic Jungle's website will also give users purchasing power anywhere PayPal is accepted."
Plastic Jungle helps unlock the estimated $30 billion in unredeemed gift cards by allowing people to sell unspent gift cards for cash, buy new gift cards at their favorite stores for up to 30% off, or donate the value of their unused cards to their favorite cause. More than 400 national and local brands are included on the website. This new gift card exchange application available to PayPal users will provide additional choice and flexibility to consumers looking to receive quick payout for their gift cards.
"Plastic Jungle's work is a great example of how third-party developers can use PayPal X to take payments in creative directions," said Damon Hougland, PayPal's senior director of PayPal X, "They're providing a useful way for PayPal users to recapture money that is often trapped or lost in gift cards."
Part of the PayPal X platform, the Adaptive Payments API is a set of building blocks that gives developers the tools to create highly customized payment services. The API will change where and how people can make payments, how recipients get compensated, and more. Plastic Jungle is one of a leading group of companies introducing new application technology at the PayPal X Innovate 2010 conference.
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.
Contact Information:
CONTACT:
Lana Gersten
212.784.5714
lgersten@groupgordon.com
Kristin Donelson
415.305.3524
kc@plasticjungle.net