The gift card industry in India is expected to reach USD 8.9 billion in 2024 and USD 15.7 billion by 2028. This market is set to record strong growth over the medium term.
According to the ‘India Gift Card and Incentive Card Market Intelligence and Future Growth Dynamics (Databook) – Q1 2024 Update’, consumers from Tier II and III cities are using gift cards, aiding the industry growth. They are adopting gift cards as a gifting and payment tool. The report states that the rising preference for gift cards is evident in the fast-growing competitive landscape in the Indian market where major players are offering gift card solutions to consumers and corporate.
India’s gifting industry is one of the largest in the world. However, gift cards still represent a tiny portion of the multi-billion-dollar gifting industry. But its popularity is growing. In November 2023, Open Network for Digital Commerce (ONDC) recorded 1.2 million transactions during the festive season. It launched the ONDC Network Gift Card, in September 2023, targeted towards corporate and consumers. This gift card provides consumers with a choice to choose from a vast range of products and brands, spanning different categories such as fashion, electronics, food, and others.
Many brands and businesses, as per the report, offer their customers vouchers or gift cards that can be used to get goods or services.
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