According to Android Police, Google is gearing up to launch the gift cards which can be redeemed in the store for movies,music and premium apps. Adding to it, evidences were found in the APK code regarding linking to play.google.com/redeem, which currently gives the error "We're sorry, the requested URL was not found on this server.".
Seems like its going to be a good gift this holiday season. Lets see when the official announcements are made!