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 observed in the historical period can be attributed to several factors including the rise of mobile payments and contactless payment options, an increased prevalence of gifting culture, the integration of social media into payment methods, and the boost from 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%. Anticipated growth in the forecast period is expected due to the incorporation of enhanced personalization features in gifting platforms, a growing emphasis on environmental sustainability within gifting practices, the introduction of innovative redemption options, ensuring cross-platform compatibility, and the expansion of gifting services in emerging markets.

The upsurge in awareness and adoption of digital payments is set to propel the expansion of the digital gift card market. As digital payments gain popularity due to their convenience and contactless nature, digital gift cards emerge as a prominent choice for transactions. For example, in a report by the Ministry of Electronics & IT in February 2022, digital payment transactions in India soared from 3,134 crores ($3.96 million) in FY 2018–19 to 5,554 crores ($7.02 million) in FY 2020–21, evidencing a significant increase. Moreover, as per Payments Cards & Mobile, 82% of Americans utilized digital payments in 2021, solidifying the surge in digital payment adoption, particularly for digital gift cards.

The evolution of diverse payment methods is anticipated to drive growth in the digital gift card market. Noncash payments in the United States surged to $128.51 trillion in 2021, with card payments contributing approximately 7% to this value at $9.43 trillion. This dynamic shift in payment preferences highlights the burgeoning landscape of digital payment options, fostering the growth of digital gift card utilization.

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 favorite retailers and tracking sites to ensure cards don't go missing. 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).

Prominent 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. September 2023 saw the ONDC Network Gift Card powered by RuPay Network, launched by ONDC, aiming to enhance digital commerce during festivities. This card's unique feature allows purchases across various ONDC-enabled buyer applications, promoting increased transactions and engagement within the digital gift card market.

In December 2023, Ackroo, a Canada-based cloud-based marketing platform that aids businesses in managing loyalty, gift cards, and promotional transactions, acquired GiftFly's eGift card business for a $750,000 USD amount. This deal significantly bolsters market expansion, product enhancement, and strategic focus, catalyzing growth and development in the digital gift card market. GiftFly is a New York City-based company that provides eGift card platforms for small to medium-sized businesses.


Major companies operating in the digital gift card market report are Walmart Inc., Amazon.com Inc., Target Brands Inc., American Express Company, PayPal Holdings Inc., Fiserv Inc., Loop Commerce Inc., Blackhawk Network Holdings Inc., InComm Payments, Apple Inc., First Data Corporation, Treatful Inc., Stored Value Solutions, Prezzee, Givex Corporation, Yiftee Inc., Qwikcilver Solutions Pvt Ltd., Tango Card, Giftango Corporation, Buyatab Online Inc., Paytronix Systems Inc., GiftbitInc., Rixty Inc., GiftRocket Inc., eGifter LLC, Giftogram Inc., Giftly Inc., National Gift Card Group, SVM Global Limited, Giveter Inc., The Gift Card Café LLC, Eagle Eye Solutions Group plc.

North America was the largest region in the digital gift card market share in 2023. 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, 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, Canada, Italy, Spain.

Digital gift cards possess two primary functional attributes such as open-loop and closed-loop cards. Open-loop cards offer recipients versatility, enabling their use at eateries, retail outlets (clothing, supermarkets), and various locations, even for one-time expenses. Their compatibility with diverse credit card systems allows for use across multiple establishments. These cards serve both business-to-business (B2B) and business-to-consumer (B2C) purposes, finding application in consumer goods, health and wellness, restaurants and bars, travel and tourism, media and entertainment, among other sectors.

The digital gift cards market research report is one of a series of new reports that provides digital gift cards market statistics, including digital gift cards industry global market size, regional shares, competitors with a digital gift cards market share, detailed digital gift cards market segments, market trends and opportunities, and any further data you may need to thrive in the digital gift cards industry. This anomaly detection market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The digital gift cards market consists of sales of employee gift card, incentive card, corporate prize card, visa e-gift card, amazon e-gift card, best buy e-gift card, apple e-gift card, google play e-gift card. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.