The India Digital Gift Card Market was valued at USD 9,150 Million in 2023 and is expected to grow at a strong CAGR of around 16% during the forecast period 2024-2032

Increasing adoption of digital payment systems – There is a higher trend towards the use of digital gift cards that embrace contactless and QR codes used in the process of making transactions.

As for gift cards, Paytm, and Amazon Pay-accepting QR codes for instant redemption of the cards that are available from Pine Labs, among others.

Corporate & E-commerce Expansion – This segment is using digital gift vouchers for their employee’s motivation and reward programs as well as online shopping.

Tier II & III Market – Mobile payment adoption to grow in other cities as digital literacy and usage increases.

The factors fostering India's digital gift card market growth include the growing trend of digital payments, the rising business gifting culture, and the escalating e-commerce industry. This has superb security measures, government support, encouraging initiatives for cashless checking, and consumer shift towards cashless purchases all fuel growth. Seasonality and the development of fintech are well seen as providing the basis for the further growth of the market.

For instance, in August 2024, LazyPay, the credit service by PayU, India’s leading digital financial services provider, announced the launch of its latest product line – Gift Cards, a comprehensive one-stop solution for gift vouchers. LazyPay’s Gift Cards offer vouchers from 150+ popular brands across multiple categories including shopping, travel, fashion, food, electronics, groceries, and more.

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Region Driving Growth:

West India is expected to grow with a significant CAGR during the forecast period.

The regions of West India, particularly Mumbai and Pune, have a high volume of financial services and e-commerce companies enabling the popularity of digital gift cards. The corporate world in the region has adopted the use of gift cards, particularly as an incentive to employees, while tourist destinations fuel the utilization of travel and experience gift cards. Supermarkets and e-commerce players partner up to introduce promotions and loyalty programs for the Asian market. There is an obvious trend of growing interest among consumers, and to meet these needs, companies are introducing additional, new merchants in their work. Consequently, more and more consumers in the second and third-tier cities demand fintech solutions and expand the market.

India Digital Gift Card Market Trends

This section discusses the key market trends that are influencing the various segments of the India digital gift card market, as identified by our team of research experts.

Contactless & QR Code-Based Gift Cards Transforming Industry

The Contactless & QR Code-Based Gift Card trend is increasing in India because of the accelerated smart trend of digital payments and transactions. These gift cards are advantageous to consumers due to their convenience, ease of use, and convenience over more traditional types of gift retail rewards, and as more consumers use their mobile devices. E-commerce companies, retail shops, and Fintech players are the major contributors to QR-based gift card usage in mobile wallets and UPI apps for purchase. Pine Labs, Amazon Pay, and Paytm are some firms that are leading in encouraging consumers to use this technique since they eliminate the usual scanning process. This tendency will likely grow further with the emphasis of businesses on the improvement of the user experience, and the minimization of the usage of the cards. On May 30, 2024 – Google launched its much-awaited Google Wallet™ app in India. Leading fintech company Pine Labs today shed more light on the close collaboration with Google Wallet to enable a seamless integration of Gift Cards on the product.

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The 'power of choice' associated with e-gifting appeals to young consumers and therefore brands in India are constantly looking to cater to this important and growing consumer base. Many exciting Gift Card use cases such as issuing refunds, credit notes, and promotional offers have emerged as growth drivers that offer brands the opportunity to foster customer loyalty and build long-lasting engagement.

Key Offerings of the Report

Market Size, Trends, & Forecast by Revenue | 2024−2032F.

Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities

Market Segmentation – A detailed analysis By Card Type; Application; and Purchase Mode; Region

Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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