A new online marketplace launched last week for Australian consumers to swap, buy and sell unwanted and unused deals coupons and gift vouchers for free.

The site, Swapdeals, is in response the rapid growth of deal and group buying sites like Groupon, Spreets, Living Social, Cudo and Scoopon, and allows consumers of these sites to trade their bargains for free.

Australia’s daily deals sites will have an estimated $400 million worth by the end of the year, with 4000 deals published every day. Alongside this is the giftcard industry, also worth a reported $1.5 annually.

The initiative’s founder, Ronnie Navani said that the site was giving consumer the power to retain value that would otherwise have been lost.

“Consumers are purchasing more deals and gift vouchers than ever before… but only half the people who receive them are spending the full amount,” said Navani.

“Swapdeals means anyone can… redeem some value rather than simply losing out by letting their deal or voucher go to waste or simply expire.”

After creating a profile, consumers can trade across a variety of categories, such as food, beauty, retail, travel, sport and entertainment. For instance, they can swap, buy or sell a restaurant voucher for another person’s deal on accommodation.

“It’s as simple as posting your deal or voucher and waiting for people to respond with offers,” said Navani.

Swapdeals is located in Australia, and will be launching soon in New Zealand, the UK, the US and Canada.