By business.com editorial staff, business.com Writer | Updated Jan 29, 2016
Gift cards are extremely popular gifts – both to give and receive – but sadly, many recipients never redeem them in part or in full. As a result, nearly $1 billion worth of gift cards were unredeemed in 2015. If you've got a wallet full of gift cards, Gyft is a digital wallet that can help you keep track of and spend them. It works on Apple and Android phones as well as the Apple Watch.
Gyft isn't an all-in-one electronic wallet solution that you can use to replace your physical wallet; it doesn't hold your credit cards or loyalty cards. Its specific focus is to help you manage your gift cards. You can upload your gift cards onto the digital wallet app and then redeem them in stores or online. The wallet app can help you track your balances on your gift cards, ensuring that you don't throw away partially redeemed cards.
You can use Gyft to purchase gift cards for others or for yourself from more than 200 retailers, and it gives you up to 3 percent back in Gyft Points that you can use on future gift card purchases. It accepts payments made with credit and debit cards, PayPal, Bitcoin, and Apple Wallet.
It can also help you recycle gift cards; for example, if you receive a gift card for a store that you're unlikely to shop at, you can use the app to re-gift it to someone else. Also, if you lose your phone, you won't lose your gift cards because the wallet app automatically backs them up.
Gyft's usability is exclusive to gift cards; it doesn't hold credit and debit cards, membership cards, or loyalty cards. However, if you often receive or give gift cards, Gyft can be a useful asset to have on your phone.