Update: Google has updated its Play gift card support page to reflect this change, and this change hints that at some point this feature might allow you to gift Play Store credit:
Note: You may only purchase Google Play credit to add to your own Google Play balance - at this time, it is not possible, aside from purchasing a physical Google Play gift card from a retail store, to add to another user’s Google Play balance as a gift.
Google has just introduced a brand-new feature on the Play Store that's sure to be useful to many people - Play Store credit is now purchasable directly through the Play Store site.



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