Some users with the 3.8.16 version of Google Play are seeing the "Redeem" entry show up in their menu, pushing us that much closer to live Google Play gift cards. This is happening with no hacking or tearing apart apk files, but not every phone is seeing it yet. Case in point -- my HTC One X has the right version, but the menu entry is missing, while my Galaxy Nexus has it.
We're pretty certain that it's something server side, and until the gift cards start hitting stores en masse, there's no reason to fret if you aren't seeing it just yet. We're excited though, as gift cards are something that's been on our wishlist for quite a while.
To check if your phone is ready for them, just fire up the Google Play app and open the overflow menu. Feel free to shout out in the comments if you're seeing it, and of course any ideas to force it to happen will be welcome. There's a screenshot after the break of the page itself.