Moreover, a gift card can be utilized as an alternative source for money at a particular store or business store for purchases related to goods or services.Ĭonsistent connection of consumers with shopping, owing to rapid growth in digital commerce and increase in number of new technologies that provide customers with innovative & seamless payment options are the major growth factors for the market growth.

In addition, gift cards are used as a developmental strategy for promoting businesses, attract new customers, increase brand awareness, reduce fraud, and improve business sales. Gift cards, also known as gift certificates, gift vouchers, or gift tokens, are generally issued by a retailer or bank. In addition, as consumers have increased the usage of more effective & secured payments for shopping online, the key players have an opportunity to implement better product offerings by providing discounts for gift cards, during the pandemic situation. With an unprecedented COVID-19 health crisis, the demand for gift cards has experienced significant growth, owing to limited use of cash payments in the market. The global gift cards market size was valued at $619.25 billion in 2019, and is projected to reach $2,076.51 billion by 2027, growing at a CAGR of 16.2% from 2020 to 2027.

Amazon digital gift card