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I am looking into how to integrate vouchers and give specific users store credit, for each voucher code they type in.

The steps/logic would be

Voucher generated Customer at checkout inputs voucher generated code Specific user tied to that voucher gets x% store credit/userpoints on their account.

Is there any way to do this easily in Magento, or knows about an extension that gets this job done ?

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    Community or Enterprise? Enterprise has a gift card generator built-in. – B00MER May 4 '14 at 4:50
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Enterprise Edition has store credit as a feature (Enterprise_CustomerBalance), but it is not linked with vouchers, so a customization would be needed.

There are extensions for Community Edition which provide store credit functionality.

Both Enterprise and Community Editions have coupon codes which may or may not be used like vouchers.

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