Walmart tests gift card exchange

Walmart (NYSE:WMT) has launched a new program that taps into the popularity of gift cards and looks to profit from the many unused cards given each year. The retailer has partnered with Card Cash to allow shoppers to trade in unused cards for new Walmart gift cards.

Card Cash accepts cards from roughly 200 merchants. Shoppers can enter the card number to receive up to 97 percent of the existing value or balance that can then be transferred to a new Walmart gift card redeemable at all Walmart stores and formats including Neighborhood Markets and Sam's Clubs.

The program is a test intended to run through at least mid-January, Walmart spokesman Ravi Jariwala told the Arizona Central. It is available online only, although the e-cards can be printed and redeemed in stores.

The growing popularity of gift cards—more than half of all consumers received one for Christmas this year, according to Card Cash—means more unused balances. The average U.S. shopper has approximately $100 of unused gift cards.

For more:
-See this Card Cash announcement
-See this Arizona Central story

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