Global Digital Gift Card Market Insights

The Business Research Company has updated its global market reports with latest data for 2024 and projections up to 2033

LONDON, GREATER LONDON, UK, January 4, 2024 /EINPresswire.com/ — The global digital gift card market is set for substantial growth, expanding from $342.66 billion in 2022 to $405.17 billion in 2023, with a robust compound annual growth rate (CAGR) of 18.2%. The market’s upward trajectory is expected to persist, reaching $740.41 billion in 2027, driven by a continued CAGR of 16.3%.

Catalyst for Growth: Surge in Digital Payment Awareness
The digital gift card market is propelled by the increasing awareness of digital payments, transforming how consumers engage in transactions. Digital payments, conducted through online channels, have become integral, with gift cards serving as a quick and convenient digital and contactless payment option. This surge is exemplified by the Ministry of Electronics & IT’s report, revealing a significant rise in digital payment transactions in India, from 3,134 crores ($3.96 million) in FY 2018–19 to 5,554 crores ($7.02 million) in FY 2020–21. Notably, in 2021, 82% of Americans adopted digital payments, reflecting the widespread use of in-store mobile phone checkout, QR code payments, and online transactions. The simplicity and contactless nature of digital gift cards contribute to their popularity as a preferred payment method.

Explore the Global Digital Gift Card Market with a Detailed Sample Report:

Key Market Players: Pioneers in Digital Gifting
Major players in the digital gift card market include 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, and Paytronix Systems Inc.

Innovation at the Forefront: Product Innovations Driving Market Trends
Product innovation emerges as a key trend, with companies introducing groundbreaking technologies to enhance the digital gift card experience. Notable examples include Cross Tower’s launch of a digital gift card feature based on cryptocurrencies, enabling Indian users to personalize and share cryptocurrency-backed gift cards. This innovative approach allows users to trade cryptocurrency into their preferred retailers and ensures the security of digital cards. Such advancements showcase the industry’s commitment to offering novel and secure gifting options.

Regional Landscape: North America Leading, Asia-Pacific Pioneering Growth
North America stands as the largest region in the digital gift card market in 2022, reflecting early adoption and market dominance. However, Asia-Pacific is poised to witness the fastest growth in the forecast period, highlighting the region’s increasing interest in digital gift card solutions. The comprehensive regions covered in the market analysis report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Market Segmentation: Tailoring Gift Cards for Diverse Needs
The global digital gift card market is segmented based on key attributes:
•Functional Attribute: Open Loop Gift Card, Closed Loop Gift Card
•Business Type: Business to Business (B2B), Business to Consumer (B2C)
•Application: Consumer Goods, Health and Wellness, Restaurants and Bars, Travel and Tourism, Media and Entertainment, Other Applications

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Digital Gift Card Global Market Report 2023 from TBRC covers the following information:
•Market size date for the forecast period: Historical and Future
•Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
•Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Digital Gift Card Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on digital gift card market size, digital gift card market drivers and trends, digital gift card market major players, digital gift card market competitors’ revenues, digital gift card market positioning, and digital gift card market growth across geographies. The digital gift card market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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