Gift Card Market Current Scenario and Future Growth Analysis by 2027

A gift card is also referred to as gift vouchers that enable the users to receive services or products from malls, shopping center, showroom etc. These coupons are basically provided by merchant establishment, banks, and big organization of a particular product or service in the form of a festival offer. This card makes modes of transaction easy for the user and also reduce the cost of printing bills. Gift card service makes the system more secure and traceable as compared to cash payment, for instance, gift cards consist of the PIN for transaction and even if it is misplaced, it will not be an issue because it can be blocked

A gift card is a prepaid stored-value money card. This can be classified into open loop and closed loop cards and are usually issued by retailer or bank. Gift cards are also given out by employers or organizations as rewards or gifts. Owing to this, corporate sectors are encouraging the usage of gift cards in order to provide the employees with rewards and incentives

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The gift card market has witnessed significant growth in recent past years, owing to the rise in adoption of gift card across the corporate sector for offering incentives to recognizing employees achievement is expected to fuel the demand for gift cards. On the basis of gift card type, the restaurant closed loop, is estimated to drive the growth in the market share, owing to the adoption of gift cards among customers as a form of rewards.

Detailed Segmentation:

Global Gift Card Market, By Type:
Universal accepted open loop
Restaurant closed loop
Retail closed loop
Miscellaneous closed loop
E-Gifting

Global Gift Card Market, By Merchant:
Restaurant
Department store
Grocery stores/food supermarket
Discount store
Coffee shop
Entertainment
Others

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Key players operating in global gift card market are Apple Inc., Amazon.com Inc., Best Buy Co., Inc., Starbucks Corporation, Target Corporation and Wal-Mart Stores, Inc.

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