Digital Gift Card Market
The Digital Gift Card Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Digital Gift Card Global Market Report 2024, The digital gift card market size has grown rapidly in recent years. It will grow from $418.74 billion in 2023 to $495.05 billion in 2024 at a compound annual growth rate (CAGR) of 18.2%. The growth in the historic period can be attributed to rise of mobile payments, contactless payments, increased gifting culture, social media integration, seasonal promotions and holidays.
The digital gift card market size is expected to see rapid growth in the next few years. It will grow to $932.11 billion in 2028 at a compound annual growth rate (CAGR) of 17.1%. The growth in the forecast period can be attributed to enhanced personalization features, environmental sustainability, innovative redemption options, cross-platform compatibility, expansion in emerging markets. Major trends in the forecast period include mobile app integration, subscription-based gifting services, augmented reality (AR) experiences, blockchain for digital gift security, corporate gifting programs.
The surge in awareness of digital payment is expected to propel the growth of the digital gift card market going forward. Digital payments are payments, made via digital or internet channels without the exchange of actual money. The gift cards are quickly purchased and used at critical businesses including grocery stores and online-only retailers as a mode of digital and contactless payment option. Due to the simplicity of sending and using digital gift cards as a contactless payment method, their popularity has surged. For instance, according to the report published by the Ministry of Electronics & IT, an Indian-based executive agency, digital payment transactions have increased significantly over the past four years, from 3,134 crores ($ 3.96 Million) in FY 2018–19 to 5,554 crores ($ 7.02 Million) in FY 2020–21. As of February 2022, there have been 7422 crores ($ 9.38 million) reported digital transactions during the current fiscal year, or FY 2021–2022. Furthermore, according to Payments Cards & Mobile, a UK based-based payments industry magazine, in 2021, 82% of Americans are using digital payments, in-store checkout using a mobile phone and/or QR code, and browser-based or in-app internet transactions. Therefore, the surge in awareness of digital payments is driving the growth of the digital gift card market.
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The digital gift card market covered in this report is segmented –
1) By Functional Attribute: Open Loop Gift Card, Closed Loop Gift Card
2) By Business Type: Business to Business (B2B), Business to Consumer (B2C)
3) By Application: Consumer Goods, Health and Wellness, Restaurants and Bars, Travel and Tourism, Media and Entertainment, Other Applications
Major companies in the digital gift card market are developing innovating solutions, such as network-level gift card, to boost digital commerce during the festive season. A network-level gift card is a type of digital gift card that operates on a specific network or platform, rather than being tied to a single retailer or brand. For instance, in September 2023, the Open Network for Digital Commerce (ONDC), an India-based non-profit company established by the Government of India, launched the ONDC Network Gift Card powered by RuPay Network to empower sponsor organizations to reward, incentivize, or spread festive joy among their employees. This card boasts seamless usability across various ONDC-enabled buyer applications, such as Paytm, Mystore, Craftsvilla, Pincode, Spice Money, and Magicpin, with a maximum load limit of INR 10,000. Unlike traditional gift cards, ONDC’s offering stands out by providing customers the freedom to make purchases from any brand or product, enhancing customer engagement and contributing to increased transactions on the ONDC platform, thereby fostering growth in the digital gift card market.
The digital gift card market report table of contents includes:
1. Executive Summary
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