Gift Cards Market to Reach $950.86 Billion by 2024 in the short term and $2,290.7 Billion by 2034 Globally, at 9.0% CAGR

Allied Market Research published a report titled, "Gift Card Market - Global Opportunity Analysis and Industry Forecast, 2024-2034," valued at $950.86 billion in 2024. The market is expected to grow at a CAGR of 9.0% from 2025 to 2034, reaching $2,290.7 billion by 2034. Key factors fueling this growth include a rise in the adoption of digital payment, expansion of the e-commerce sector, and the trends in corporate gifting to enhance employee engagement, customer loyalty, and brand recognition.

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Report Overview:

Rise in the adoption of digital payments and the expansion of the e-commerce sector have driven the demand for gift cards, prompting increased consumer usage, greater merchant participation, and the development of innovative digital solutions. Additionally, emerging trends in corporate gifting such as personalized rewards and incentive-based programs are positively influencing growth.

However, the lack of standardization and limited consumer awareness pose significant restraints. Conversely, the increasing adoption of personalized and customizable gift cards presents substantial opportunities for market players in the evolving gift card landscape.

Key Segmentation Overview:

The gift card market is segmented on the basis of card type, end user, form, and region.

• By Card Type: Closed-loop Card and Open-loop Card.

• By End User: Individuals and Businesses/Corporates

• By Form: Physical Card and Digital Card

• By Region:

• North America (U.S., and Canada)

• Europe (Germany, UK, France, Italy, Spain, Rest of Europe)

• Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)

• LAMEA (Brazil, South Africa, UAE, Saudi Arabia, Rest of LAMEA)

Market Highlights

• By card type, the close-looped card segment dominated the market in 2024 and is expected to continue leading due to increasing integration of closed-loop cards across both in-store and online platforms, personalization of gift cards, and the adoption of omnichannel strategies to enhance customer engagement and streamline the gift card redemption experience.

• By end user, the individual segment witnessed significant growth due to rise of digital gift cards, widespread adoption of smartphones, and shift toward cashless transactions and digital payment solutions.

• By form, the physical card segment is expected to register the highest growth, due to advancements in security features such as anti-theft technology and fraud protection, and demand for convenient and tangible gifting solutions.

Factors Affecting Market Growth & Opportunities:

The growing adoption of digital payments, driven by increasing smartphone usage, greater internet penetration, and the widespread use of digital wallets, has significantly boosted the gift card market. Additionally, the rapid expansion of the e-commerce sector, through the rise of online shopping and the proliferation of digital retail platforms, along with evolving corporate gifting practices such as employee rewards and customer engagement initiatives, are further accelerating market growth and transforming the gift card sector.

• Demand for e-cards: Digital transformation and the rise of mobile wallets have boosted demand for e-gift cards, as consumers increasingly prefer contactless and convenient gifting options.

• Innovations in gift cards: The integration of blockchain technology is improving gift card security and traceability, enabling smart cards that can be programmed with usage conditions and expiry rules for increased flexibility and control.

However, challenges such as limited consumer awareness and lack of standardization remain concerns for industry players. Market participants are focusing on enhancing user education, developing interoperable platforms, and introducing innovative, user-friendly features to drive broader adoption of gift card solutions.

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Regulatory Landscape & Compliance:

The regulatory landscape and compliance in the gift cards market is a complex and evolving domain shaped by regional and international laws, anti-money laundering (AML) standards, consumer protection regulations, and data privacy frameworks. These regulations are designed to ensure financial transparency, consumer trust, fraud prevention, and secure handling of personal data.

Government compliance requirements in the gift cards sector focus on ensuring transparency, security, and consumer protection in the issuance and redemption of gift cards. These include anti-money laundering (AML) measures, knowing your customer (KYC) procedures, and fraud detection systems, complying with data privacy regulations, and adhering to financial reporting obligations.

Key regulations such as the Payment Services Directive 2 (PSD2) in the European Union, the Bank Secrecy Act (BSA) in the U.S., and the Anti-Money Laundering and Counter-Terrorism Financing Act in Australia play a crucial role in enhancing transaction security, preventing financial crime, and safeguarding consumer data to ensure that gift card solutions operate lawfully and maintain consumer trust.

Technological Innovations & Future Trends:

• The integration of gift cards with mobile payment systems such as Apple Pay and Google Wallet enables easy storage, real-time balance checks, and secure redemption via biometric authentication.

• Retailers use AI to personalize gift card recommendations by analyzing consumer data, enhancing customer satisfaction and engagement.

• AR and VR technologies offer immersive gift card redemption experiences, enabling consumers to engage with their gifts in new and exciting ways.

Regional Insights

Asia-Pacific dominated the gift cards market owing to the rise in digital payments, e-commerce expansion, and increased smartphone penetration. In addition, there is a growing emphasis on cashless economies, with governments promoting fintech adoption and consumers increasingly seeking convenient payment solutions. China leads the market in this region, driven by a robust digital infrastructure, including widespread use of mobile wallets, strong integration of gift cards into super apps like WeChat and Alipay, and a tech-savvy population. The region's dynamic retail landscape and increasing use of gift cards for corporate incentives further contribute to its market dominance and growth potential. For instance, in January 2025, Tencent's WeChat, China's leading super app, enhanced its e-commerce capabilities with a new gift-giving feature. This allows users to send gifts to friends directly through the app, boosting sales for online retailers. The feature leverages WeChat's vast social network and is expected to attract more vendors and shoppers, especially during festive seasons like Lunar New Year.

LAMEA is expected to grow at a significant rate during the forecast period, due to increase in digital transformation and rise in internet and smartphone penetration in the region, thus driving the adoption of e-gift cards and innovative payment solutions to meet the changing consumer preferences. In addition, rise in fintech initiatives and digital banking reforms, such as government-led cashless policies and investment in mobile payment platforms, particularly in countries like the UAE, Saudi Arabia, South Africa, Brazil, and Egypt, is expected to propel the market growth. The UAE leads the market in this region by adopting advanced payment technologies, supporting e-commerce expansion, encouraging public-private fintech collaboration, and offering consumer-centric digital services to enhance payment convenience and financial inclusion. For instance, in February 2025, Line Investments & Property SP LLC, the shopping mall division of Lulu International Holdings, launched the LAKA Gift Card, a pioneering gifting solution now available across its 19 premier malls in the UAE. Developed in collaboration with regional fintech leaders Giftstarr and NymCard, and powered by VISA's secure infrastructure, the LAKA Gift Card introduces a new standard in retail gifting for the GCC. It is the region's first gift card to feature QR-enabled personalized video messaging, offering recipients a unique and emotionally engaging experience. Combining cutting-edge technology with convenience, the LAKA Gift Card is set to redefine how consumers in the region approach gifting.

Key Players:

Major players in the gift cards market include Amazon.com Inc., Walmart Inc., Fiserv, Inc., InComm Payments LLC, Shift4 Payments, LLC, Qwikcilver Solutions Pvt Ltd., PayPal, Inc., American Express Company, Blackhawk Network, Starbucks Corporation, Sephora USA, Inc., Target Brands, Inc., Visa Inc., Mastercard, Valve Corporation, Best Buy, EBIXCASH WORLD MONEY INDIA Ltd., and Home Depot. These companies are focusing on expanding their service offerings, strategic partnerships, and enhancing technological innovation, data-driven solutions, and sustainability practices in the gift cards industry.

Key Strategies Adopted by Competitors

• In June 2025, Blackhawk Network launched a new Tap to Pay Visa Gift Card, enhancing security and convenience for physical gift card users. Launched nationwide in the Summer of 2025, the card features tamper-evident packaging and no visible sensitive data like account numbers or CVVs. It supports contactless payments at any enabled terminal and can be added to mobile wallets via the MyCardWallet app. This innovation is part of Blackhawk's BHN ProtectTM program, aimed at reducing fraud and meeting growing consumer demand for secure, contactless payment options.

• In April 2025, Amazon offered a $2,300 gift card incentive for customers who purchase a vehicle through its Amazon Autos platform, available in select U.S. cities like Cleveland and Columbus. This offer was valid until April 15, 2025, and was exclusive to Amazon Prime members. Buyers can browse vehicles, get upfront pricing, and even trade in their old cars online. While the cars weren't delivered like typical Amazon packages, they were expected to be picked up within three days from partnered dealerships.

What are the Key Benefits for Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the gift cards market analysis from 2024 to 2034 to identify the prevailing gift cards market opportunities.

• The market research is offered along with information related to key drivers, restraints, and opportunities.

• Porter's five forces analysis of the gift cards market highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.

• In-depth analysis of the gift cards market segmentation assists to determine the prevailing market opportunities.

• Major countries in each region are mapped according to their revenue contribution to the global market.

• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of market players.

• The report includes the analysis of the regional as well as global gift cards market trends, key players, market segments, application areas, and market growth strategies.

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Gift Cards Market Report Highlights

By Card Type

• Closed-loop Card

• Open-loop Card

By End User

• Individual

• Businesses/Corporates

By Form

• Physical Card

• Digital Card

By Region

• North America (U.S., Canada)

• Europe (UK, Germany, France, Italy, Spain, Rest of Europe)

• Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)

• LAMEA (Latin America, Middle East, Africa)

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