iCrowdNewswire Mar 2, 2021 10:00 PM ET
Digital gift cards, also referred as e-gift cards, vouchers, and gift certificates, are the electronic versions of regular gift cards which are generally issued by retailers. These cards operate by using gift codes offered by retailers & it can be delivered via e-mails or mobile-based applications. These are basically offered by merchant establishment, banks, and big organization of a particular product/ service in the form of a festival offer.
The increase in penetration of smartphones along with the affordable data plans has raised the adoption of m-Commerce is expected to boost the global digital gift card market growth. Consumers are rapidly downloading the mobile apps like Amazon, Flipkart, and eBay for online shopping as it offers the ability to browse more quickly & easily make purchases on-the-go will increase the number of consumers using online purchases which expected to drive the market growth of digital gift cards during this forecast period.
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The increasing popularity of e-commerce that allow the users to gift cards easily & exploring more products with easy purchases is anticipated to propel the market growth. Also, online payment provides consumers to choose between digital & physical gift cards during online purchases. Easy purchasing option for card online is another major driving factor which expected to fuel the digital gift card market growth. The increase in number of social media platform like Facebook, Instagram, and Pinterest, where users can sell products directly to customers via their social media account, without need of third-party and some media platforms have also started selling gift cards. This factor is estimated to create lucrative growth opportunity to the market of the digital gift card.
The increase in fraud cases around the world are expected to hinder the global digital gift card market growth. Digital gift card fraud composed of cloning and programming errors at the merchant end & other scams like “Card Not Present” scam is also prevalent, where cybercriminals record the numbers on the card and keep the track on cards whether it has been activated & once the card is activated, the thief can easily use the card number illegally to make purchases.
The Global Digital Gift card Market is segmented into card type such as Open loop gift card, and Closed loop gift card, by business type such as Business to Business, and Business to Consumer, by application such as Food & Beverage, Health, Wellness, and Beauty, Apparel, Foot Wear and Accessories, Books and Media Products, Consumer Electronics, Restaurants & Bars, Kids Products, and Others. Further, market is segmented into end user such as Retail & Corporate.
Also, the Global Digital Gift card Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
Market Key Players
Various key players are listed in this report such as Amazon.com Inc., American Express Company, Blackhawk Network Holdings Inc., First Data Corporation, Fiserv Inc., Givex Corporation, InComm Inc., Paytronix Systems Inc., Qwikcilver Solutions Pvt Ltd (Pine Labs), Adobe Systems Inc., etc.
By Card Type
- Open loop gift card
- Closed loop gift card
By Business Type
- Business to Business
- Business to Consumer
- Food & Beverage
- Health, Wellness, and Beauty
- Apparel, Foot Wear and Accessories
- Books and Media Products
- Consumer Electronics
- Restaurants & Bars
- Kids Products
By End User
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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