RSTN - Impressive 16.4% CAGR in the Gift Cards Market Size Driven by North America's Dominance | Benzinga
New York, United States, Oct. 09, 2023 (GLOBE NEWSWIRE) -- A gift card is like a prepaid debit card in that it contains a fixed amount of money that may be spent on merchandise. Gift cards offer greater security than cash and are easily traceable, preventing fraudulent activity. "The global gift cards market size is projected to reach USD 3,845 billion by 2030, growing at a CAGR of 16.4% during the forecast period (2022–2030)." stated by Research Manager at Straits Research P. Ltd.
Key Drivers
Gift cards are considered like prepaid debit cards. These cards' convenience, flexibility, reliability, and security have made them more popular among consumers for payments. According to Worldpay's 2018, gift cards contribute 2% of eCommerce and 1% of the point of sale (POS) spending globally. For instance, VISA Inc., a US-based company, is continuously working to avoid payment disruption and revolutionize ways for consumers to pay more conveniently. It provides customer offerings in many new ways, including mobile and IoT through Visa Token Service, P2P through Visa Direct, and digitized and streamlined manual processes through Connected Card.
Growth Opportunities
In recent years, there has been an increase in demand for improved products and technology improvements linked with payment solutions. This expansion is driven by the existence of unmet needs and a surge in demand for enhanced transactional solutions in nations such as China, Japan, and Australia. Globally, the gift card business is shifting from physical to digital due to the increased use of mobile devices and internet access. In addition, an increase in the use of smartphones and digital wallets is ...