The rapid adoption of e-commerce due to the increasing penetration of smartphones is fostering growth of the gift card market. Due to the increasing usage of smartphone consumer are downloading online shopping apps such as Flipkart, Amazon, and eBay for shopping as they offer easy transactions and enable browsing more quickly. According to the India Brand Equity Foundation, in 2019, India had nearly 502 million smartphone users, accounting for almost 77 percent of Indians having access to the internet. Smartphone users are expected to reach 780 million in 2021. India’s contribution to the global smartphone market increased from 9 percent in 2016 to 16 percent in 2019.
In December 2020, USIO Inc., and eGifter have joined forces to make it easier than ever to purchase and send the perfect Fancard Gift Mastercard to the college sports fan
In June 2021, LIC Cards Services Limited (LIC CSL) launched a contactless prepaid Gift Card – ‘Shagun’ in collaboration with IDBI Bank on the RuPay platform. This card aims to expand the Gift Card market and promote cashless ways of gifting
In June 2020, Facebook and Instagram launch Gift Cards and Food Orders for SMEs
Gift cards are one of the most popular and flexible plastic gift cards today, giving the user the ability to purchase items online, make reservations at participating venues and make purchases with gift cards at participating retailers. In their simplest form, gift cards are a pre-paid stored value cards, normally issued by a bank or retailer, which allows the user to make purchases at a store using gift cards. It can also be used to make payments at multiple stores, making it a versatile and convenient way to spend money. Many consumers have taken advantage of gift cards by using them for online purchases, which saves the consumer the hassle of having to carry around extra cash.
The Asia Pacific is expected to hold a dominant position in the global gift card market over the forecast period and this is attributed to the expanding e-commerce industry in the region. According to the India Brand Equity Foundation, e-commerce has transformed the way business is done in India. The Indian E-commerce market is expected to grow to US$ 200 billion by 2026 from US$ 38.5 billion as of 2017. Much of the growth for the industry has been triggered by an increase in internet and smartphone penetration. As of September 2020, the number of internet connections in India significantly increased to 776.45 million, driven by the ‘Digital India’ programme.
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