Digital Gift Cards Market: By Functional Attribute (Open-loop Card, Closed-loop Card), By Application (Consumer Goods, Health & Wellness, Restaurants & Bars, Travel & Tourism, Media & Entertainment), By End User (Retail, Corporate) and by Geography

Digital Gift Cards Market size was  valued at USD 298.14 billion in 2022 and is expected to reach USD 818.10 billion by 2029, at a CAGR of 15.5% from 2023-2029. A gift card is a stored value card that may be used to purchase goods and services at a specific store or company store instead of cash. Digital gift cards are frequently used as part of company development initiatives to promote enterprises, raise brand awareness, reduce fraud, and attract new clients. As a result, these cards find extensive applications across diverse sectors, including food & beverages, retail, hospitality, consumer electronics, and others. Gift cards, also known as gift certificates, gift tokens, prepaid cards, or gift vouchers, are usually issued by a shop or a bank. Furthermore, gift cards are used as a marketing tool by merchants and online enterprises to advertise their businesses, attract new customers, create brand awareness, reduce fraud, and increase sales. Moreover, a gift card can be used as a substitute for cash at a specific store or business store for purchases of goods or services. They are sometimes referred to as cash cards since they are issued by merchants and marketers as part of a marketing campaign to persuade the receiver to come in or return to the store.