Mobile gift card expected to post strong growth in 2017
Gift cards continue to post strong growth across developed and emerging markets. E-gifting contributed USD 66 billion of sales in 2016 and registered a growth of 24%. Global gift cards market size is estimated to reach USD 570 billion, recording a CAGR of 12.5% during 2017-2021. In developed markets around 82% consumers have intended to purchase gift cards through online or mobile platform during festival / holiday season, while in developing markets this number is around 64%.
Digital Global Open Loop Prepaid Cards are also preferred by people in age group of 18 to 35 years. Majority of consumers prefer storing gift cards on mobile apps for self-use. Mobile gift cards are steadily making progress in terms of adoption and usage worldwide. With new technologies and features, this segment is likely to contribute significantly towards entire gift card segment.
Retailers have witnessed better brand messaging, increased sales and footfalls in physical stores due to gift card sales. There are certain trends which are expected to propel this segment forward in coming years.
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