Along with the economic growth of consumers and the increased awareness of social trends among the population, the situation for the Europe, U.S., Latin America, MEA and Asia digital gift card and prepaid card and prepaid card market has been changing. Online gifting has gained popularity due to its convenience and accessibility. With just a few clicks, customers can purchase and send digital gifts to recipients anywhere in the world. This makes digital gift cards and prepaid cards an attractive option for last-minute gifting purposes. The growing trend of online shopping and digital transactions continue to grow the preference for digital gift card and prepaid cards.
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Data Bridge Market Research analyses that the Europe Digital Gift Cards and Prepaid Card Market is expected to grow at a CAGR of 14.9% in the forecast period of 2023 to 2030 and is expected to reach USD 2,970,681.06 million by 2030.
The U.S. digital gift cards and prepaid card market is expected to grow at a CAGR of 16.1% in the forecast period of 2023 to 2030 and is expected to reach USD 3,193,811.02 million by 2030.
Latin America digital gift cards and prepaid card market is expected to grow at a CAGR of 14.1% in the forecast period of 2023 to 2030 and is expected to reach USD 742,120.65 million by 2030.
Middle East and Africa digital gift cards and prepaid card market is expected to grow at a CAGR of 13.6% in the forecast period of 2023 to 2030 and is expected to reach USD 432,775.83 million by 2030.
Asia digital gift cards and prepaid card market is expected to grow at a CAGR of 16.2% in the forecast period of 2023 to 2030 and is expected to reach USD 2,875,435.95 million by 2030.
The packaging food industry is growing rapidly. The increasing popularity of digital gift card and prepaid cards among consumers is an important driver for the market. The growing social trend of giving online gifts is expected to drive the market growth. The growing internet and smartphone penetration rate worldwide and strategic alliances to increase company’s business penetration are expected to provide opportunities in the market. However, the availability of alternatives such as merchandise and electronic items as gifts is projected to challenge the market growth.
Key Findings of the Study
Increasing Utilization of Prepaid and Gift Cards
The digital gift card and prepaid card industry and the digital world are interconnected. Companies are engaging their customers virtually using digital marketing strategies and digital platforms since digital gift cards and prepaid cards have become prevalent. In recent years, the digital gift card and prepaid card industry has experienced an improvement in relationships with existing consumers through marketing and digital promotion, rather than expansion through geographic channels and store network expansion.
The generation of millennials is shifting towards e-digital gift cards and prepaid cards. With this shift, the adoption of e-digital gift cards and prepaid cards among older generations will be increasing as well. In addition, online platforms and channels for shopping are expected to create opportunities for market growth.
One more trend that is adding positively to the development of digital gift cards and prepaid cards in e-commerce is the use of online shopping platforms. Therefore, the market is going to encounter enhanced growth in the forecast period.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015-2020)
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Quantitative Units
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Revenue in USD Million
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Segments Covered
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Type (Prepaid Card and Digital Gift Card), Distribution Channel (B2B and B2C), Industry Vertical (Corporate Institutions, Retail, Government, Hospitality & Travel, Media & Entertainment, Consumer Goods, and Others)
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Countries Covered
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U.S., China, Japan, India, South Korea, Singapore, Taiwan, Indonesia, Thailand, Vietnam, Malaysia, Philippines, Rest of Asia, Brazil, Mexico, Argentina, Colombia, Chile, Peru, Costa Rica, and Rest of Latin America, U.K., Germany, France, Italy, Spain, Russia, Netherlands, Poland, Belgium, Turkey, Sweden, Norway, Denmark, Switzerland, Finland, Rest of Europe, Saudi Arabia, U.A.E., Iran, South Africa, Egypt, Iraq, Israel, Qatar, Kuwait, Jordan, Rest of Middle East and Africa
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Market Players Covered
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MasterCard (U.S.), American Express. (U.S.), PayPal (U.S.), Blackhawk Network (U.S.), Amazon.com, Inc. (U.S.), Google (A Subsidiary of Alphabet Inc.) (U.S.), ICICI Bank (India), HDFC Bank Ltd. (India), Sony Interactive Entertainment Inc. (Japan), Axis Bank (India), GoGift A/S (Denmark), Tango Card. Inc. (U.S.), Flipkart, Flexpin (A Subsidiary of Novatti Group Ltd) (India), NS Cards France SAS (NeoSurf) (France), CleverCards (Ireland), Giftogram (U.S.), Enfuce Financial Services Ltd (Finland), Jeton (U.K.), Unified Incentives Pty Ltd (U.S.), Valve Corporation (U.S.), and among others
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Data Points Covered in the Report
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In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
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Segment Analysis
The Europe, U.S., Latin America, MEA and Asia digital gift cards and prepaid card market is segmented on the basis of type, distribution channel, and industry vertical.
- On the basis of type, the Europe, U.S., Latin America, MEA and Asia digital gift cards and prepaid card market is segmented into prepaid card, and digital gift card.
In 2023, prepaid card of type segment is anticipated to dominate the Europe, U.S., Latin America, MEA and Asia Digital Gift Cards and Prepaid Card Market
In 2023, prepaid card segment is expected to dominate the Europe digital gift cards and prepaid card market with 89.40% market share, prepaid card segment is expected to dominate the U.S. digital gift cards and prepaid card market with 89.18% market share, prepaid card segment is expected to dominate the Latin America digital gift cards and prepaid card market with 88.95% market share, prepaid card segment is expected to dominate the MEA digital gift cards and prepaid card market with 88.61% market share, prepaid card segment is expected to dominate the Asia digital gift cards and prepaid card market with 89.36% market share. The reason for the dominance of prepaid card is because prepaid cards are versatile and can be used for a wide range of purposes, from online shopping to everyday spending. They offer a convenient and accessible way for consumers to manage their finances without the need for traditional bank accounts or credit checks, making them appealing to a broad audience
- On the basis of distribution channel, the Europe, U.S., Latin America, MEA and Asia digital gift cards and prepaid card market is segmented into B2B and B2C.
In 2023, B2B of distribution channel segment is anticipated to dominate the Europe, U.S., Latin America, MEA and Asia Digital Gift Cards and Prepaid Card Market
In 2023, B2B is expected to dominate the Europe digital gift cards and prepaid card market, with 67.73% market share. B2B is expected to dominate the U.S. digital gift cards and prepaid card market, with 67.30% market share, B2B is expected to dominate the Latin America digital gift cards and prepaid card market, with 68.00% market share, B2B is expected to dominate the MEA digital gift cards and prepaid card market, with 68.36% market share, B2B is expected to dominate the Asia digital gift cards and prepaid card market, with 67.64% market share. The reason for the dominance of B2B segment is because many businesses offering digital gift cards and prepaid cards as part of their employee benefits and compensation packages. They can be used for bonuses, performance rewards, or even as an alternative to traditional pay checks, enhancing the attractiveness of the employer.
- On the basis of industry vertical, the Europe, U.S., Latin America, MEA and Asia digital gift cards and prepaid card market is segmented into corporate institutions, retail, government, hospitality & travel, media & entertainment, consumer goods, and others. In 2023, corporate institutions segment is expected to dominate the Europe digital gift cards and prepaid card market with 38.85% market share. In 2023, corporate institutions segment is expected to dominate the U.S. digital gift cards and prepaid card market with 36.44% market share. In 2023, corporate institutions segment is expected to dominate the Latin America digital gift cards and prepaid card market with 38.71% market share. In 2023, corporate institutions segment is expected to dominate the MEA digital gift cards and prepaid card market with 39.59% market share. In 2023, corporate institutions segment is expected to dominate the Asia digital gift cards and prepaid card market with 37.55% market share.
Major Players
Data Bridge Market Research recognizes the following companies as the major players in Europe, U.S., Latin America, MEA and Asia digital gift cards and prepaid card market, MasterCard (U.S.), American Express. (U.S.), PayPal (U.S.), Blackhawk Network (U.S.), Amazon.com, Inc. (U.S), and among others.
Market Developments
- In March 2023, Novatti Group Ltd. which is a parent company of flexpin formed a strategic partnership with Wirex, enabling direct issuance of innovative multicurrency cards to Australians. This partnership facilitated higher card spend limits, up to 8% instant rewards, no FX or maintenance fees, international ATM withdrawals, and access to exclusive merchant deals, bridging the gap between traditional and digital economies and capitalizing on Australia's robust crypto adoption.
- In March 2022, NS Cards France SAS unveiled 'DIGITAL CASH By Neosurf,' a novel product aimed at solidifying its payments presence within the emerging metaverse landscape. This move strategically positioned Neosurf to tap into the evolving digital economy and capitalize on the growing demand for virtual transactions and currencies.
- In August 2021, Tango Card Inc. successfully launched a strategic partnership with HubEngage, Inc. to enhance employee engagement and rewards through an integrated employee experience platform. HubEngage's robust communication and engagement solutions were amplified by the seamless integration of Tango Card's incentive platform, enabling global customers to conveniently access a diverse gift card catalog for employee rewards, leading to heightened engagement and streamlined employee communications.
- In April 2021, ThoughtWorks published a blog, according to that, for retailer’s gift cards have become potential entry points to guide the customers into the closed loop of payment, membership, and ordering system. They can cultivate users to generate new expenditure habits. For instance, Starbucks gift card is not only designed for gifting, but it also provides customers with an ease of payment method and also increases the frequency of store visits. This has increased their sale automatically.
- In July 2020, Apple launched its new gift card in the market named 'Everything Apple'. This card can be used at the app store and other online services. Other than these gift cards previously there were two other gift cards available in the market. This kind of innovative launch from the giant industries will lead the market to grow.
Regional Analysis
Geographically, the countries covered in the Europe, U.S., Latin America, MEA and Asia digital gift cards and prepaid card market report are U.S., China, Japan, India, South Korea, Singapore, Taiwan, Indonesia, Thailand, Vietnam, Malaysia, Philippines, Rest of Asia, Brazil, Mexico, Argentina, Colombia, Chile, Peru, Costa Rica, and Rest of Latin America, U.K., Germany, France, Italy, Spain, Russia, Netherlands, Poland, Belgium, Turkey, Sweden, Norway, Denmark, Switzerland, Finland, Rest of Europe, Saudi Arabia, U.A.E., Iran, South Africa, Egypt, Iraq, Israel, Qatar, Kuwait, Jordan, Rest of Middle East and Africa.
As per Data Bridge Market Research analysis:
Europe is the dominant region in the Europe, U.S., Latin America, MEA and Asia digital gift cards and prepaid card market during the forecast period 2023 - 2030
In 2023, Europe is the dominant region in the Europe, U.S., Latin America, MEA and Asia digital gift cards and prepaid card market due to European countries have been at the forefront of adopting digital payment methods, including digital gift cards and prepaid cards. This is driven by a strong banking infrastructure, high smartphone penetration, and a tech-savvy population.
Asia is the fastest growing region in the Europe, U.S., Latin America, MEA and Asia digital gift cards and prepaid card market during the forecast period 2023 - 2030
Asia is the fastest growing region in the Europe, U.S., Latin America, MEA and Asia digital gift cards and prepaid card market due to many countries in Asia, such as China and India, have experienced rapid economic growth in recent years. This has led to an increase in disposable income and consumer spending, driving the demand for digital gift cards and prepaid cards.
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