Published Date: 20-Jan-2023
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According to a new report, published by KBV research, The Global Digital Gift Card Market size is expected to reach $724.3 billion by 2028, rising at a market growth of 14.2% CAGR during the forecast period.
The Open-loop Card segment is showcasing a CAGR of 15.1% during (2022 - 2028). These cards resemble credit cards, are not tied to any one company, and are widely accepted. They use payment card processing platforms from Visa and MasterCard. As more consumers may find it more simple to get a gift card that may be used anywhere of their choosing, the demand for such cards is rising.
The Retail segment is leading the Global Digital Gift Card Market by End-User in 2021 thereby, achieving a market value of $436.4 billion by 2028. This is a result of changes in consumer behavior and trends toward purchasing in physical stores. The creation of a brand-new sales channel is another fantastic advantage of digital gift card solutions. Customers who come to buy the primary goods will also buy other items on digital gift cards for their loved ones, friends, and coworkers, creating a new income stream. More revenue for merchants and a wider selection of customers.
The Restaurants & Bars segment has shown the growth rate of 14.7% during (2022 - 2028). For a number of reasons, selling gift cards in the restaurant industry is a wise move. Since customers often spend more at restaurants than the amount of the gift card when they redeem it, they assist company owners in generating quick cash, increasing the number of customers, and increasing revenue.
The North America market dominated the Global Digital Gift Card Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $234 billion by 2028.The Europe market is experiencing a CAGR of 13.5% during (2022 - 2028). Additionally, The Asia Pacific market would display a CAGR of 15.1% during (2022 - 2028).
By Functional Attribute
By End User
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