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Big name retailers turn to Portland, Maine company
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(NECN: Marnie MacLean) - The gift card is the most popular gift on the planet.
It's a $110 billion industry. Most of that money goes to plastic gift cards, but e-gift cards are starting to catch on and a Portland, Maine company is cashing in.
President and co-founder David Stone said, "we created the company five years ago with a vision to make it as easy and personal to send an e-gift."
David Stone was just 25 when he created the American Express gift check - the first universal gift product in the world. Some 30 years later, another innovation was the e-gift card. CashStar started with three employees and one client. Now, they have more than 200 customers and 80 workers.
He has hired engineers, web designers, software developers and product specialists.
"We find a lot of people who summered in Maine or went to college and they want to come back but can't find a job," said Stone.
It's silicon valley work being done in Maine.
Anthony Preston, a designer, says the idea is to create an immediate yet personal gift giving experience.
He takes us to Pottery Barn's website, where customers can click to give an e-gift card and choose a design, such as a Mother's Day design.
You write your message, and to personalize even more you can add a photo and send to someone via email or even Facebook.
Instantly, it is delivered and ready to open.
The challenge for CashStar right now only 5 percent of the population knows what an e-gift card is, but with 400 percent growth last year, that number is climbing.
"The age of mobility has arrived," said Stone, "It is coming fast and it changes everythying."
