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GiftRocket Lets You Send Gifts That Can Be Redeemed Only At Specific Locations

March 21st, 2011 03:37 admin Leave a comment Go to comments

GiftRocket, a Y Combinator-backed startup, is launching this week a service that marries the concept of virtual gift cards with location-based services. Basically, GiftRocket lets you send money to a friend or relative in a snap, but also see to it that the transaction is effectively made only when the recipient ‘checks in’ to a certain location.

Hence, you could use GiftRocket to send $15 to a friend to sway him or her into checking out the breakfast offering at that coffee place you’ve been raving about, or you can gift your mother a bouquet of flowers but only if she visits that new flower shop a couple of blocks away.

The idea is similar to Venmo’s Gifi – which launched at TechCrunch Disrupt – but far less complicated: with Gifi, the recipient is required to have an iPhone and use both the Venmo and the Foursquare app, while GiftRocket only requires people to click a ‘redeem’ button on a mobile website from any GPS-enabled handset.

Here’s how GiftRocket works: pick any business or location, including restaurants, bars, parks or any office building. Specify the amount you would like to gift, and the recipient’s email address.

All the latter has to do now is show up at the location you’ve specified – this will be verified with positioning by GPS – and open the link that was sent to him or her in an email.

A few seconds later, the money that was gifted (e.g. $50) goes straight to the recipient’s PayPal account, or lets that person sign up for one to receive the money.

Of course, the recipient can choose not to actually use the money to spend it on whatever is on sale at the pre-defined location, but that’s not the point: it’s part virtual gift card, part place discovery, and generally a novel way to send people a gift.

To make money, GiftRocket charges $1 + 5% of the gift amount.

Fun fact: GiftRocket’s ‘redeem’ button was implemented by one of the startup’s co-founders, Jonathan Pines, who implemented the now-ubiquitous Facebook ‘like’ button when he worked at the social networking giant.

Source: GiftRocket Lets You Send Gifts That Can Be Redeemed Only At Specific Locations

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