Digital Gift Card Global Market Report 2023: Shifting Consumer Preference Towards Digital Payments Bolsters Growth
Dublin, April 14, 2023 (GLOBE NEWSWIRE) — The “Digital Gift Card Global Market Report 2023” report has been added to ResearchAndMarkets.com’s offering.
The global digital gift card market grew from $342.66 billion in 2022 to $405.17 billion in 2023 at a compound annual growth rate (CAGR) of 18.2%. The digital gift card market is expected to grow to $740.41 billion in 2027 at a CAGR of 16.3%.
Product innovation is the key trend in gaining popularity in the digital gift card market. Major companies operating in the market are introducing new technologies such as allowing customers to trade cryptocurrency into their favourite retailers and tracking sites to ensure cards don’t go missing.
The surge in awareness of digital payment is expected to propel the growth of the digital gift card market going forward. Digital payments are payments, made via digital or internet channels without the exchange of actual money. The gift cards are quickly purchased and used at critical businesses including grocery stores and online-only retailers as a mode of digital and contactless payment option.
Due to the simplicity of sending and using digital gift cards as a contactless payment method, their popularity has surged. For instance, according to the report published by the Ministry of Electronics & IT, an Indian-based executive agency, digital payment transactions have increased significantly over the past four years, from 3,134 crores ($ 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.
For instance, in November 2021, Cross Tower, a US-based trading platform and digital asset investment company, launched a digital gift card feature based on cryptocurrencies for its Indian users, enabling them to send and gift cryptocurrencies of their choice. Indian users can personalize a gift card by adding their preferred cryptocurrency from their Cross Tower wallet, to generate a unique card that is ready for sharing. This original cryptocurrency gift card is available as a voucher that can be shared via email, social media, or by sharing the link directly, and its value can range from $ 1.25 (INR 100) to $ 125.944 (INR 10,000).
North America was the largest region in the digital gift card market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the digital gift card market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the digital gift card market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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
|No. of Pages||200|
|Forecast Period||2023 – 2027|
|Estimated Market Value (USD) in 2023||$405.17 billion|
|Forecasted Market Value (USD) by 2027||$740.41 billion|
|Compound Annual Growth Rate||16.3%|
Key Topics Covered:
1. Executive Summary
2. Digital Gift Card Market Characteristics
3. Digital Gift Card Market Trends And Strategies
4. Digital Gift Card Market – Macro Economic Scenario
5. Digital Gift Card Market Size And Growth
6. Digital Gift Card Market Segmentation
7. Digital Gift Card Market Regional And Country Analysis
A selection of companies mentioned in this report includes
- Amazon.com Inc.
- Apple Inc.
- Blackhawk Network Holdings Inc.
- Fiserv Inc.
- InComm Payments
- Loop Commerce Inc.
- Qwikcilver Solutions Pvt Ltd
- PayPal Holdings Inc.
- Target Brands Inc.
- Walmart Inc.
- American Express Company
- First Data Corporation
- Givex Corporation
- Paytronix Systems Inc.,
For more information about this report visit https://www.researchandmarkets.com/r/wbobj0
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