Latin America Corporate Gift Cards Market Outlook - Forecast Trends, Market Size, Share and Growth Analysis Report (2025-2034)

The Latin America corporate gift cards market was valued at USD 6.56 Billion in 2024. The industry is expected to grow at a CAGR of 12.30% during the forecast period of 2025-2034. The rising adoption of fintechs in Latin America results in easier digital transactions which lead to the seamless issuance and redemption of corporate gift cards thus expanding this market across different business sectors and consumer segments. In turn, all these factors have resulted in the market attaining a valuation of USD 20.93 Billion by 2034.

Latin America Corporate Gift Cards Market Report Summary

Market Size 2024

• USD Billion 6.56

Market Size 2034

• USD Billion 20.93
• CAGR 2025-2034
• 12.30%

CAGR 2025-2034 - Market by Country

• Mexico
• 13.6%

CAGR 2025-2034 - Market by Form

• Virtual
• 14.6%

CAGR 2025-2034 - Market by End Users

Small and Medium Businesses

• 13.8%

Market Share by Country 2024

• Mexico
• 23.1%

Latin America Corporate Gift Cards Market Overview

The Latin America corporate gift card market is gradually evolving with digitalization, needs for employee incentives, and growing acceptance of prepaid by SMEs. These mainly include trends such as mobile-enabled gift card solutions; localized offerings based on region or localized preferences; and associated loyalty programs. There are also major opportunities for key players to stretch into untapped markets, develop B2B-focused platforms, and use fintech innovations to improve the user experience. Active players in the fast-evolving digital economy, such as Sodexo, Edenred, and some local fintechs, are constantly innovating in search of corporate clients needing flexible, tax-efficient employee benefits and customer engagement tools.

Latin America Corporate Gift Cards Market Growth

Two main niches driving the Latin America corporate gift card market growth are the gig economy and education sector. With increasing freelance and gig work, some companies use gift cards as flexible compensation options for workers engaged in project-based work, providing instant, non-cash incentives without the complexity of payrolls. On the other hand, the education sector, private institutions and edtechs, are using gift cards for purposes like scholarships, rewards, and appreciation for staff. This provides an avenue for distributing monetary aid and recognizing performance. Both of these niches benefit from ease, customization, and scalability of digital gift card systems enabling providers to penetrate fast-growing, underutilized segments with contextualized solutions and minimal capital expenditure on infrastructure.

Key Trends and Recent Developments

The key trends of the Latin America corporate gift cards market include digitalization and mobile integration, personalization, and cross-border usability to drive businesses towards flexible, instant, and engaging responses for rewards.

February 2025

Raise, a worldwide gift market leader and pioneer in blockchain-powered payments and loyalty, announced the successful completion of a $63 million fundraising round. This latest round raises Raise's total capital to more than $220 million, adding to previous investments from Accel, Paypal, and New Enterprise Associates.

December 2024

Blackhawk Network (BHN), a leading branded payments provider, announced the launch of Roblox digital gift cards in Mexican pesos (MXN). Roblox is a virtual platform that provides millions of immersive activities for people to enjoy together. The Mexico Peso (MXN) Roblox digital gift cards will be available to purchase on Roblox.com/giftcards, providing a seamless eCommerce experience for Mexican consumers.

January 2024

Visa, a global leader in digital payments, announced the launch of its new pilot solution in Latin America and the Caribbean, an innovative technology that allows consumers to pay for online purchases by simply tapping their Visa debit, prepaid, or credit cards on their own NFC-enabled Android cell phones, making the payment process even more convenient, simple, fast, and secure.

October 2022

Givex Information Technology Group Ltd. stated that it would launch a gift card marketplace within Cittamobi's digital wallet. The first project of the new cooperation is the sale of iFood gift cards, the biggest Latin American online meal delivery service, which are processed by Givex and sent to dozens of partners via the GivexHub within the Cittamobi digital wallet.

Shift Toward Digital and Mobile Gift Cards

Moving away from physical gift cards and replacing them with digital formats, is an emerging trend in the Latin America corporate gift card market. With increased mobile penetration across Latin America, businesses are taking up app-based or SMS/email delivery gift cards more often, improving the speed, personalization, and security of the gift. For example, Edenred offers app-based vouchers with which companies tend to reward their employees, while start-ups like Bonusly associate with Latin American companies to instantly offer e-gifts even in remote areas, making them more accessible and engaging, therefore improving rewards.

Integration with Instant Payment Platforms

Real-time payments through new systems such as Pix in Brazil and CoDi in Mexico have made it easier to conduct transactions using corporate gift cards. Gift card offerings complemented by such payment integration have increased redemption swiftness and security, thereby boosting the overall Latin America corporate gift card market dynamics. For instance, InComm Payments allows companies to offer and accept gift cards instantly through Pix, rendering them more appealing for time-sensitive campaigns, performance bonuses, and employee recognition programs across multiple regions.

Shift Towards Personalization in Corporate Gifting

The Latin America corporate gift card market observes an increasing demand has arisen for gift cards that incorporate a personal touch, such as branded messages, themed visuals on cards, or variable denominations. Rewards should therefore correspond to the culture of a business or the likes of the employee. With Swile, for example, HR departments can create gift cards personalized with messages and select curated experiences to further boost employee morale and loyalty. The trend brings emotional weight and deep intentioned connection between companies and recipients, further enhancing emotional impact.

Increase of Multi-Currency and Cross-Border Usability

Regional expansions of companies demand cross-border solutions in corporate gift cards redeemable in various currencies, further boosting the Latin America corporate gift card market revenue. A standardized reward system is necessary for the multinational firm to cater to team members from different countries. Gift cards enabled by multiple currencies and accepted in regional and global retailers are offered by suppliers like Sodexo and Givex. Therefore, the gifting process is simplified from the headquarters to distributed teams in different Latin American countries, increasing consistency and easing program management in large enterprises.

Latin America Corporate Gift Cards Market Opportunities

Two major opportunities in the Latin America corporate gift card market include expansion into the underserved rural and Tier 2 cities, where digital infrastructure is improving and corporate programs are emerging. Early market share can be captured by offering simple, scalable, low-cost gift card solutions. Additionally, integrating gift cards with corporate wellness and ESG initiatives like sustainable rewards and mental health perks, poses strong potential given the increasing regional interest in responsible business practice. These methods serve as sources of differentiation and enable companies to engage with employees and clients on deeper, values-based levels, fostering loyalty and long-term engagement.

Latin America Corporate Gift Cards Market Trends

The major growth drivers of the Latin America corporate gift card market development are the rise of remote and hybrid work models and the increasing focus on employee retention. With decentralization, digital gift card solutions act as a way for companies to incentivize and reward their personnel regardless of their locations seamlessly. At the same time, the competition for talent provokes companies to improve the range of options offered to the employees, with gift cards being a flexible and cost-competitive option. These factors push corporates and SMEs alike to adopt the corporate gift card program as a tool for engagement, reward, and performance management.

Latin America Corporate Gift Cards Market Restraints

• Economic volatility and inflation in Latin America can lead to variations in consumer spending habits and corporate budgets, making it challenging for companies to commit a consistent fund towards corporate gift card programs. This factor, therefore, poses a serious challenge for the Latin America corporate gift card market growth.
• Various regulations across the Latin American nations on the use of prepaid cards, taxation, and offering financial services can be a source of trouble for companies looking to introduce corporate gift card solutions throughout the region.

Latin America Corporate Gift Cards Industry Segmentation

The report titled “Latin America Corporate Gift Cards Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

• Open Loop
• Closed Loop

Market Breakup by Form

• Physical
• Virtual

Market Breakup by Merchant Type

• Consumer Goods
• Health and Wellness
• Restaurants and Bars
• Travel and Tourism
• Media and Entertainment
• Apparel, Footwear and Accessories
• Food and Beverage
• Others

Market Breakup by End User

• Small and Medium Businesses
• Large Enterprises

Market Breakup by Country

• Brazil
• Mexico
• Argentina
• Columbia
• Chile
• Others

Latin America Corporate Gift Cards Market Share

Market Insights by Type

Open-loop gift cards, that are acceptable at various retailers, are becoming increasingly popular in the Latin America corporate gift card market due to their flexibility. They have now gained wide acceptance for use as rewards and incentive systems within organizations because they allow businesses to integrate payroll and bonus systems with easy usability. Closed-loop gift cards being used and popularized in Latin America are associated with only one brand or retailer and are targeted to use these gift cards for their campaigns related around specific marketing, building brand loyalty, through internal recognition programs. It is evident merchants and e-commerce sites use these to drive consumer retention, creating a strong demand on both B2B and B2C channels.

Market Analysis by Form

Physical gift cards are highly used in Latin America as a way of gift-giving in corporate entities or an incentive for employees. This is because gift cards today offer a tangible and personal experience, boosting the overall Latin America corporate gift card market value. In contrast, virtual gift cards offer much faster traction as they can easily be integrated with mobile wallets and digital platforms, created for convenience and instant delivery and used within a virtual environment. This segment is projected to grow at a CAGR of 14.6% over the forecast period. Virtual cards have become the mode of choice, particularly in remote or hybrid working environments that increasingly demand speed and flexibility. Companies utilize them mainly for quick rewards, online recognition of employees, and engaging customers in a more appealing manner, thus meeting the growing demand for digital solutions in the corporate landscape of rewards.

Analysis by Merchant Type

The emerging demand from wellness, experiences, and convenience among consumers, including consumer goods, health and wellness, and travel industry sectors, have boosted the demand in the Latin America corporate gift card market. Restaurants, bars, and other entertainment venues are used by companies to establish employee reward systems or customer incentive programs. Flexibility and variety abound for employee incentives and customer awards in these sectors. Gift cards are used within these industries to establish brand loyalty as companies seek to increase the focus on personal motivation and incentives based on experience. These categories are growing at a fast rate because they engage diverse consumer preferences within the organizations and therefore promote engagement.

Market Insights by End User

The Latin America corporate gift card market has been rapidly embraced by both small-medium businesses (SMBs) and large enterprises. Small and medium businesses see gift vouchers as practical, cost-effective options for employee incentive systems, consumer loyalty programs, and marketing campaigns. Gift vouchers tend to give SMBs a competitive edge without an impressive investment. In contrast, large enterprises use gift vouchers to scale employee incentive arrangements, corporate gifting, and promotional activities. Driving the demand for both segments of businesses are digital assets, seeking easier, less-tedious systems and faster reward avenues.

Latin America Corporate Gift Cards Market Regional Analysis

Brazil Corporate Gift Cards Market Opportunities

The corporate gift card market in Brazil is flourishing because of the high smartphone penetration and the use of digital payment methods. Cell phone penetration in Brazil exceeds 100%, which means that there are more cell phones than persons in the country. Businesses are leveraging gift cards for rewarding their employees, corporate gifts, and customer loyalty programs. Another factor driving the digital gift card market is the hugely developed e-commerce sector in Brazil, which works with online shopping. The launch of instant payment such as Pix further advances the sector by allowing business transactions and real-time delivery, which resonates with so many businesses in almost all industries.

Mexico Corporate Gift Cards Market Insights

The Mexico corporate gift card market growth is mostly propelled by increasing adoption of digital methods, particularly in the wake of COVID-19. The market is expected to grow at a CAGR of 13.6% over the forecast period. Firms integrate gift cards into employee benefits and promotions owing to their flexibility and ease of administration. CoDi's instant payment system and digital rewards adoption by SMEs are crucially leading to market growth. The rapid increase in mobile wallets' popularity also plays a big role in making virtual gift cards attractive for businesses.

Argentina Corporate Gift Cards Market Growth

Inflation and economic instability mostly pushed businesses to seek flexible and affordable reward systems, boosting the overall Argentina corporate gift market dynamics. Digital gift cards have garnered interest, especially in the big cities, as companies tend to use them for incentive offers to their employees and clients. Additionally, the rapidly developing e-commerce space would further act as a strong catalyst for virtual gift cards, with retail and food & beverage industries at the forefront.

CAGR 2025-2034 - Market by

• Country
• Mexico
• 13.6%
• Brazil
• 12.6%
• Argentina
• Colombia
• Chile
• Others

Colombia Corporate Gift Cards Market Outlook

The Colombia corporate gift card market is on the rise since companies are now more focused on employee retention and digital transformation. Gift cards offer a convenient and easily scalable reward system, which businesses are integrating into wellness programs and incentive schemes. The establishment of mobile payment platforms such as Nequi and Daviplata allows for expedited and seamless transactions onto digital gift cards. In addition, development of retail and hospitality sectors in Colombia would fuel the demand for gift cards for customer engagement and brand loyalty.

Chile Corporate Gift Cards Market Dynamics

Robust digital economy and high internet penetration contribute largely to the growth of the Chile corporate gift card market. Companies employ gift cards for a range of reasons, from employee rewards to client rewards. Virtual gift cards, in specific, are picking up pace in the surging e-commerce sector, enabling businesses to provide instant, personalized rewards. Additionally, the thriving fintech landscape in the nation enabling digital payments and mobile wallets is driving further acceptance of gift cards as an appealing choice for business gifting and marketing.

Competitive Landscape

The Latin America corporate gift card market players intend on broadening their digital and physical coverage, increasing the extent of their customization and personalization options, synergizing with mobile payment systems, and accommodating various business applications. Most Latin America corporate gift card companies are looking into improving employee engagement, loyalty programs, and corporate gifting solutions for enterprises.

Blackhawk Network Holdings, Inc.

Founded in 2001, in Pleasanton, California, Blackhawk Network Holdings, Inc. Has become a leader in digital and physical gift card solutions. They offer a large product array, working with major retailers in corporate gifting and loyalty programs in Latin America.

TDS Gift Cards

Founded in 2002 in Minnesota, TDS Gift Cards is engaged in offering corporate gifting options through prepaid cards. Specializes in corporate rewards programs tailored to companies in Latin America, thereby enhancing customer loyalty and employee engagement.

Sodexo

Established in 1966, with its headquarters in Issy-les-Moulineaux, France, Sodexo is a worldwide employee benefits leader, encompassing gift cards and vouchers. Corporate rewards for Latin America are tailored solutions that maximize employee satisfaction and engagement throughout the region.

InComm Payments

Founded in 1992, InComm Payments is a leading international provider of prepaid card solutions. Their gift cards for business, digital payments, and loyalty solutions are widespread in Latin America, making flexible reward systems for corporations feasible.

Other key players in the Latin America corporate gift cards market report are Cencosud S.A., Alelo Instituição De Pagamento SA, Amazon.co.Inc., and GoGift A/S, among others.

Startup Scenario in the Latin America Corporate Gift Cards Market

Innovative startups are engaged in building digital-first, customizable solutions with integration for mobile wallets and the secure transactions usage of blockchain technology. They are aiming to enhance the user experience with effortless processes of redemption, cross-border usage, and targeting niche markets like SMEs and gig workers.

Bonusly

Bonusly, established in 2013, is an employee recognition website that provides e-gift cards. The company offers a broad variety of rewards, including e-gift cards from popular brands, cash-out options, and charitable donations. Bonusly has added new international gift cards to its reward catalog recently, including major companies in Latin America.