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India Gift Card Market By Type (Closed-loop Card, Open Loop, E-Gifting, Others Gift Card); By Price Range (High [above 400 US dollars], Medium [200-400 US$], Low [0-200 US$]); By End-User (Business, Individuals); By Generation (Generation X, Millennial, Generation Z, Others) – Growth, Share, Opportunities & Competitive Analysis, 2024 – 2032

Summary
Table Of Content

REPORT ATTRIBUTE	DETAILS
Historical Period	2019-2022
Base Year	2023
Forecast Period	2024-2032
India Gift Card Market Size 2023	USD 18,324.67 million
India Gift Card Market, CAGR	13.50%
India Gift Card Market Size 2032	USD 57,279.46 million

Market Overview

The India gift card market is projected to grow from USD 18,324.67 million in 2023 to USD 57,279.46 million by 2032, at a compound annual growth rate (CAGR) of 13.50%.

The India gift card market is primarily driven by the increasing popularity of digital gifting among the younger demographic and a growing preference for cashless transactions. The integration of gift cards with e-commerce platforms, along with the rising demand for personalized gifting options, further propels market growth. Technological advancements, such as the introduction of blockchain and AI to enhance security and user experience, are emerging trends. Additionally, corporate adoption of gift cards for employee incentives and customer loyalty programs is significantly boosting market expansion. These factors collectively contribute to the dynamic growth of the gift card industry in India.

The Indian gift card market is geographically expansive, with significant activity concentrated in urban centers such as Mumbai, Delhi, and Bangalore due to their higher internet penetration and tech-savvy populations. Key players in this market include EbixCash, which dominates with a comprehensive suite of digital payment solutions, and QwikCilver, known for its innovative gift card technology. Other notable participants include LivQuik and eVoucher India Pvt Ltd, which contribute to the market’s diversity and competitive dynamics. These companies are pivotal in shaping market trends and expanding the gift card ecosystem across India

Market Drivers

Changing Consumer Behavior

Millennials and Gen Z are at the forefront of the India gift card market. For instance, these tech-savvy generations, which make up nearly 65% of India’s population, seek convenience and practicality in gifting. Gift cards resolve the challenge of choosing appropriate gifts and align well with their preference for cashless transactions. This shift in consumer behavior is significantly influencing the market dynamics, making gift cards a popular choice among young shoppers.

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E-commerce Boom

The exponential growth of the Indian e-commerce sector has catalyzed the expansion of the gift card market. The integration of gift cards into various sectors is a reflection of the evolving consumer behavior. For instance, the rising popularity of OTT platforms and food delivery services, which are part of the burgeoning digital economy, has led to a greater demand for digital gift cards. The convenience of gifting and the flexibility of use across multiple platforms have made gift cards a preferred choice among consumers, further driving the market’s expansion. This trend is supported by the increasing internet penetration in India, where the number of online shoppers is predicted to increase to 427 million by 2027, creating a vast potential customer base for the gift card market.

Digital Revolution

India’s ongoing digital revolution plays a crucial role in the proliferation of gift cards. Enhanced internet connectivity and the widespread availability of smartphones, especially in Tier II and III cities, have made digital gift cards more accessible to a broader audience. For instance, as of 2023, India had 692 million internet users, and this digital inclusivity is fostering a more robust adoption of gift cards across the nation.

Corporate Gifting

Corporate gifting is a significant element driving the gift card market in India. Many companies are turning to gift cards as a strategic tool for employee rewards, sales incentives, and festive gifting. Gift cards provide a streamlined and efficient solution for corporate gifting needs, ensuring ease of distribution and use.

Market Trends

Surge in Digital Gift Cards and Personalization

The India gift card market is witnessing a significant surge in the popularity of digital gift cards, driven by their convenience and environmental benefits. E-gift cards are particularly popular due to their zero carbon footprint and instantaneous delivery, which aligns with the 76% of consumers who prefer eco-friendly and convenient options. Personalization is another key trend, with 85% of gift card buyers opting for customizable messages and designs. This reflects the desire for a more individualized gifting experience, which has been shown to increase recipient satisfaction by 40%. E-gift cards are increasingly preferred because they provide instant delivery, require no physical storage, and eliminate the risks associated with losing or damaging physical cards. Additionally, the market is embracing a trend towards more personalized gift card options. Consumers now have the ability to add custom messages, choose unique designs, and select specific denominations, enabling a more tailored gifting experience. This shift not only meets the demand for customized gifts but also enhances the recipient’s satisfaction by making each gift feel special and thoughtfully selected.

Integration with Wallets and Focus on Security and Experiential Gifting

As digital payment systems evolve, there is a growing trend towards integrating gift cards with mobile wallets. The integration of gift cards with mobile wallets is also on the rise, with 60% of digital wallet users having linked at least one gift card to their account for easier access. This convenience has contributed to a 30% uptick in the frequency of gift card usage for daily transactions. Security is paramount, and with the expansion of the market, issuers have enhanced fraud prevention measures, reducing related incidents by 15% in the past year. Additionally, experiential gift cards are gaining traction, now accounting for 35% of the market share, as consumers increasingly value memorable experiences over material possessions. These cards offer unique opportunities, such as exclusive dining experiences or adventure travel packages, which resonate with the 78% of millennials who prioritize experiences in their spending habits.

This trend caters to a changing consumer preference that values creating lasting memories over acquiring material goods. By offering experiences that are unique and enjoyable, gift cards are becoming a preferred choice for consumers looking to gift something beyond the conventional

Market Challenges Analysis

Challenges of a Cash-Dominant Economy and Limited Internet Access

India’s gift card market faces significant challenges due to its predominantly cash-reliant economy, particularly prevalent in rural areas. This reliance on cash transactions poses a considerable obstacle to the adoption of digital gift cards, which depend on digital payment infrastructures. Additionally, the uneven penetration of internet connectivity exacerbates this challenge. While Tier 1 and Tier 2 cities enjoy relatively robust internet access, Tier 3 and rural areas lag significantly. This disparity in internet accessibility restricts the reach and effectiveness of digital gift card initiatives, limiting their market penetration to urban centers and thereby missing a substantial segment of the potential consumer base.

Regulatory Uncertainty and Market Saturation

The Indian gift card market is also navigating a complex regulatory environment that lacks clear guidelines on critical aspects such as the issuance, usage, and validity of gift cards. Particularly, the implications of Goods and Services Tax (GST) on gift cards remain ambiguous, creating uncertainty among issuers and consumers alike. This regulatory ambiguity can erode consumer trust and deter market stability. Furthermore, the gift card market is experiencing heightened competition due to the entry of numerous players. This influx is leading to market saturation, sparking price wars, and thinning profit margins, which pose considerable challenges for new entrants and existing players striving to maintain profitability. Alongside these issues, there is also a significant gap in awareness among the population, particularly within older demographics who are less familiar with the concept of gift cards compared to traditional gifting methods. Elevating awareness about the practical benefits and conveniences of gift cards is crucial to fostering wider acceptance and driving adoption across diverse consumer segments.

Market Segmentation Analysis:

By Type:

The India gift card market is segmented by type into Open Loop, Closed Loop, and E-Gifting. Open Loop gift cards, which can be used across multiple retailers and service providers, offer consumers flexibility and are popular for corporate gifting due to their broad applicability. Closed Loop gift cards, in contrast, are retailer-specific and often used by businesses to enhance brand loyalty and consumer engagement. The E-Gifting segment is gaining momentum, driven by the rise in digital platforms and the increasing preference for online transactions among younger demographics. This segment benefits from the convenience and speed of delivery that digital platforms offer, making it highly attractive for last-minute shoppers and those residing in urban areas with better internet access.

By Price Range:

In terms of price range, the India gift card market is categorized into high, medium, and low segments. High-priced gift cards (above 400 US$) are typically favored in corporate settings, where they are used as incentives or high-value rewards. Medium-priced gift cards (200-400 US$) find popularity among consumers looking for substantial gifts that offer a blend of value and exclusivity. The low-priced segment (0-200 US$), the most accessible range, caters extensively to individual consumers for personal gifting. This segment is crucial for driving volume sales and is popular during festive seasons and special occasions due to its affordability and wide appeal across demographic groups.

Segments:

Based on Type

Open Loop
Close Loop
E-Gifting

Based on Price Range

High (Above 400 US$)
Medium (200-400 US$)
Low (0-200 US$)

Based on Merchant Type

Restaurants
Discount Stores
Supermarkets/Hypermarkets
Coffee Shops
Others

Based on End User

Business
Individuals

Based on Generation

Generation X
Millennial
Generation Z
Others

Based on the Geography

Northern region
Western region
Southern region
Eastern region
North-Eastern region

Regional Analysis

Northern region

Northern India, comprising states such as Delhi, Uttar Pradesh, and Punjab, accounts for a substantial market share of approximately 28%. This region’s affluent urban centers and a burgeoning middle class have fueled the demand for gift cards across various sectors, including retail, hospitality, and entertainment. The widespread adoption of digital payment methods and e-commerce platforms has further propelled the growth of gift card sales in this region.

Western region

The Western region, encompassing Maharashtra, Gujarat, and Rajasthan, holds a market share of around 24%. Mumbai, the financial capital of India, has emerged as a significant contributor to the gift card market in this region. The presence of numerous corporate offices, coupled with a thriving retail and hospitality industry, has driven the popularity of gift cards as incentives, rewards, and promotional tools.

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Key Player Analysis

EbixCash
QwikCilver
LivQuik
igp
eVoucher India Pvt Ltd
Apple Inc.
Best Buy Co., Inc.
Blackhawk Network Holdings, Inc.
Global Payments Direct, Inc.
First Data Corporation
InComm Payments
NGC US, LLC.
Starbucks Corporation
Target Corporation

Competitive Analysis

In the competitive landscape of the India gift card market, EbixCash leads with its robust platform offering a wide array of digital payment solutions that cater to a diverse customer base. Following closely is QwikCilver, a pioneer in gift card technology that has partnered with major retailers and brands across the country, enhancing its market presence. LivQuik and eVoucher India Pvt Ltd also play significant roles, focusing on innovative payment solutions and specialized gift card services, respectively. These companies are strategically expanding their offerings to include more personalized and flexible gift card options to attract a broader demographic. Their efforts are supported by ongoing investments in technology to enhance user experience and security, positioning them well in the rapidly evolving digital landscape of India’s gift card market.

Recent Developments

In 2023, Fiserv demonstrated its commitment to enhancing consumer accessibility with a significant expansion of its Carat platform. This expansion involved strategic integration with various retailers and brands, thereby offering consumers a more extensive and diverse selection of gift cards—all accessible from a single, unified platform. The move by Fiserv aligns with the evolving landscape of gift card offerings, catering to the preferences and convenience of modern consumers.

In 2023, Visa unveiled its innovative “Visa B2B Connect” platform, ushering in a new era of efficiency for business-to-business gift card transactions. This cutting-edge platform is designed to streamline and expedite the process, providing a seamless experience for businesses engaged in the exchange of gift cards.

Market Concentration & Characteristics

The India gift card market exhibits a moderate level of concentration, with a few leading players such as EbixCash and QwikCilver significantly shaping the industry landscape. These key companies dominate through extensive distribution networks, advanced technological platforms, and strong partnerships with major retail brands. The market is characterized by a blend of both open and closed loop gift cards, with digital and e-gifting solutions gaining prominence due to the rising penetration of internet and mobile devices across urban and semi-urban areas. As digitalization continues to evolve, the market is seeing an increase in competition, prompting companies to innovate and offer more personalized and secure gifting solutions. Furthermore, the trend towards experiential gifts is influencing product offerings, adding another layer of complexity and opportunity within the market. This dynamic environment indicates a growing market where consumer preferences and technological advancements dictate the pace and direction of growth.

Report Coverage

The research report offers an in-depth analysis based on Type, Price Range, Merchant Type, End User, Generation and Geography. It details leading market players, providing an overview of their business, product offerings, investments, revenue streams, and key applications. Additionally, the report includes insights into the competitive environment, SWOT analysis, current market trends, as well as the primary drivers and constraints. Furthermore, it discusses various factors that have driven market expansion in recent years. The report also explores market dynamics, regulatory scenarios, and technological advancements that are shaping the industry. It assesses the impact of external factors and global economic changes on market growth. Lastly, it provides strategic recommendations for new entrants and established companies to navigate the complexities of the market.

Future Outlook

Continued growth in digital gift cards due to increasing smartphone and internet penetration.
Expansion of personalization options to cater to consumer demand for unique gifting experiences.
Integration with mobile wallets and digital payment systems will enhance transaction convenience.
Increased adoption of gift cards in corporate sectors for employee incentives and customer loyalty programs.
Greater emphasis on security features to protect against fraud and enhance user trust.
Emergence of experiential gift cards offering unique experiences, such as travel and entertainment.
Adoption of AI and blockchain technologies to improve the security and personalization of gift cards.
Expansion into Tier II and Tier III cities, broadening the market reach beyond major urban centers.
Regulatory clarity and improved guidelines expected to stabilize market operations and boost consumer confidence.
Introduction of eco-friendly and sustainable practices in gift card production and usage.

CHAPTER NO. 1 : INTRODUCTION 15

1.1.1. Report Description 15

Purpose of the Report 15

USP & Key Offerings 15

1.1.2. Key Benefits for Stakeholders 15

1.1.3. Target Audience 16

1.1.4. Report Scope 16

CHAPTER NO. 2 : EXECUTIVE SUMMARY 17

2.1. India Gift Card Market Snapshot 17

2.1.1. India Gift Card Market, 2018 – 2032 (USD Million) 18

CHAPTER NO. 3 : GEOPOLITICAL CRISIS IMPACT ANALYSIS 19

3.1. Russia-Ukraine and Israel-Palestine War Impacts 19

CHAPTER NO. 4 : INDIA GIFT CARD MARKET – INDUSTRY ANALYSIS 20

4.1. Introduction 20

4.2. Market Drivers 21

4.2.1. Driving Factor 1 Analysis 21

4.2.2. Driving Factor 2 Analysis 22

4.3. Market Restraints 23

4.3.1. Restraining Factor Analysis 23

4.4. Market Opportunities 24

4.4.1. Market Opportunity Analysis 24

4.5. Porter’s Five Forces Analysis 25

CHAPTER NO. 5 : ANALYSIS COMPETITIVE LANDSCAPE 26

5.1. Company Market Share Analysis – 2023 26

5.1.1. India Gift Card Market: Company Market Share, by Volume, 2023 26

5.1.2. India Gift Card Market: Company Market Share, by Revenue, 2023 27

5.1.3. India Gift Card Market: Top 6 Company Market Share, by Revenue, 2023 27

5.1.4. India Gift Card Market: Top 3 Company Market Share, by Revenue, 2023 28

5.2. India Gift Card Market Company Revenue Market Share, 2023 29

5.3. Company Assessment Metrics, 2023 30

5.3.1. Stars 30

5.3.2. Emerging Leaders 30

5.3.3. Pervasive Players 30

5.3.4. Participants 30

5.4. Start-ups /SMEs Assessment Metrics, 2023 30

5.4.1. Progressive Companies 30

5.4.2. Responsive Companies 30

5.4.3. Dynamic Companies 30

5.4.4. Starting Blocks 30

5.5. Strategic Developments 31

5.5.1. Acquisitions & Mergers 31

New Product Launch 31

Regional Expansion 31

5.6. Key Players Product Matrix 32

CHAPTER NO. 6 : PESTEL & ADJACENT MARKET ANALYSIS 33

6.1. PESTEL 33

6.1.1. Political Factors 33

6.1.2. Economic Factors 33

6.1.3. Social Factors 33

6.1.4. Technological Factors 33

6.1.5. Environmental Factors 33

6.1.6. Legal Factors 33

6.2. Adjacent Market Analysis 33

CHAPTER NO. 7 : INDIA GIFT CARD MARKET – BY TYPE SEGMENT ANALYSIS 34

7.1. India Gift Card Market Overview, by Type Segment 34

7.1.1. India Gift Card Market Revenue Share, By Type, 2023 & 2032 35

7.1.2. India Gift Card Market Attractiveness Analysis, By Type 36

7.1.3. Incremental Revenue Growth Opportunity, by Type, 2024 – 2032 36

7.1.4. India Gift Card Market Revenue, By Type, 2018, 2023, 2027 & 2032 37

7.2. Open Loop 38

7.3. Close Loop 39

7.4. E-Gifting 40

CHAPTER NO. 8 : INDIA GIFT CARD MARKET – BY PRICE RANGE SEGMENT ANALYSIS 41

8.1. India Gift Card Market Overview, by Price Range Segment 41

8.1.1. India Gift Card Market Revenue Share, By Price Range , 2023 & 2032 42

8.1.2. India Gift Card Market Attractiveness Analysis, By Price Range 43

8.1.3. Incremental Revenue Growth Opportunity, by Price Range , 2024 – 2032 43

8.1.4. India Gift Card Market Revenue, By Price Range , 2018, 2023, 2027 & 2032 44

8.2. High (Above 400 US$) 45

8.3. Medium (200-400 US$) 46

8.4. Low (0-200 US$) 46

CHAPTER NO. 9 : INDIA GIFT CARD MARKET – BY MERCHANT TYPE SEGMENT ANALYSIS 47

9.1. India Gift Card Market Overview, by Merchant Type Segment 47

9.1.1. India Gift Card Market Revenue Share, By Merchant Type, 2023 & 2032 48

9.1.2. India Gift Card Market Attractiveness Analysis, By Merchant Type 49

9.1.3. Incremental Revenue Growth Opportunity, by Merchant Type, 2024 – 2032 49

9.1.4. India Gift Card Market Revenue, By Merchant Type, 2018, 2023, 2027 & 2032 50

9.2. Restaurants 51

9.3. Discount Stores 52

9.4. Supermarkets/Hypermarkets 52

9.5. Coffee Shops 53

9.6. Others 53

CHAPTER NO. 10 : INDIA GIFT CARD MARKET – BY END USER SEGMENT ANALYSIS 54

10.1. India Gift Card Market Overview, by End User Segment 54

10.1.1. India Gift Card Market Revenue Share, By End User, 2023 & 2032 55

10.1.2. India Gift Card Market Attractiveness Analysis, By End User 56

10.1.3. Incremental Revenue Growth Opportunity, by End User, 2024 – 2032 56

10.1.4. India Gift Card Market Revenue, By End User, 2018, 2023, 2027 & 2032 57

10.2. Business 58

10.3. Individuals 59

CHAPTER NO. 11 : INDIA GIFT CARD MARKET – BY GENERATION SEGMENT ANALYSIS 60

11.1. India Gift Card Market Overview, by Generation Segment 60

11.1.1. India Gift Card Market Revenue Share, By Generation, 2023 & 2032 61

11.1.2. India Gift Card Market Attractiveness Analysis, By Generation 62

11.1.3. Incremental Revenue Growth Opportunity, by Generation, 2024 – 2032 62

11.1.4. India Gift Card Market Revenue, By Generation, 2018, 2023, 2027 & 2032 63

11.2. Generation X 64

11.3. Millennial 65

11.4. Generation Z 65

11.5. Others 66

CHAPTER NO. 12 : COMPANY PROFILES 67

12.1. EbixCash 67

12.1.1. Company Overview 67

12.1.2. Product Portfolio 67

12.1.3. Swot Analysis 67

12.1.4. Business Strategy 68

12.1.5. Financial Overview 68

12.2. QwikCilver 69

12.3. LivQuik 69

12.4. igp 69

12.5. eVoucher India Pvt Ltd 69

12.6. Apple Inc. 69

12.7. Best Buy Co., Inc 69

12.8. Blackhawk Network Holdings, Inc. 69

12.9. Global Payments Direct, Inc. 69

12.10. First Data Corporation 69

12.11. InComm Payments 69

12.12. NGC US, LLC. 69

12.13. Starbucks Corporation 69

12.14. Target Corporation 69

CHAPTER NO. 13 : RESEARCH METHODOLOGY 70

13.1. Research Methodology 70

13.1.1. Phase I – Secondary Research 71

13.1.2. Phase II – Data Modeling 71

Company Share Analysis Model 72

Revenue Based Modeling 72

13.1.3. Phase III – Primary Research 73

13.1.4. Research Limitations 74

Assumptions 74

List of Figures

FIG NO. 1. India Gift Card Market Revenue, 2018 – 2032 (USD Million) 18

FIG NO. 2. Porter’s Five Forces Analysis for India Gift Card Market 25

FIG NO. 3. Company Share Analysis, 2023 26

FIG NO. 4. Company Share Analysis, 2023 27

FIG NO. 5. Company Share Analysis, 2023 27

FIG NO. 6. Company Share Analysis, 2023 28

FIG NO. 7. India Gift Card Market – Company Revenue Market Share, 2023 29

FIG NO. 8. India Gift Card Market Revenue Share, By Type, 2023 & 2032 35

FIG NO. 9. Market Attractiveness Analysis, By Type 36

FIG NO. 10. Incremental Revenue Growth Opportunity by Type, 2024 – 2032 36

FIG NO. 11. India Gift Card Market Revenue, By Type, 2018, 2023, 2027 & 2032 37

FIG NO. 12. India Gift Card Market for Open Loop, Revenue (USD Million) 2018 – 2032 38

FIG NO. 13. India Gift Card Market for Close Loop, Revenue (USD Million) 2018 – 2032 39

FIG NO. 14. India Gift Card Market for E-Gifting, Revenue (USD Million) 2018 – 2032 40

FIG NO. 15. India Gift Card Market Revenue Share, By Price Range , 2023 & 2032 42

FIG NO. 16. Market Attractiveness Analysis, By Price Range 43

FIG NO. 17. Incremental Revenue Growth Opportunity by Price Range , 2024 – 2032 43

FIG NO. 18. India Gift Card Market Revenue, By Price Range , 2018, 2023, 2027 & 2032 44

FIG NO. 19. India Gift Card Market for High (Above 400 US$), Revenue (USD Million) 2018 – 2032 45

FIG NO. 20. India Gift Card Market for Medium (200-400 US$), Revenue (USD Million) 2018 – 2032 46

FIG NO. 21. India Gift Card Market for Low (0-200 US$), Revenue (USD Million) 2018 – 2032 46

FIG NO. 22. India Gift Card Market Revenue Share, By Merchant Type, 2023 & 2032 48

FIG NO. 23. Market Attractiveness Analysis, By Merchant Type 49

FIG NO. 24. Incremental Revenue Growth Opportunity by Merchant Type, 2024 – 2032 49

FIG NO. 25. India Gift Card Market Revenue, By Merchant Type, 2018, 2023, 2027 & 2032 50

FIG NO. 26. India Gift Card Market for Restaurants, Revenue (USD Million) 2018 – 2032 51

FIG NO. 27. India Gift Card Market for Discount Stores, Revenue (USD Million) 2018 – 2032 52

FIG NO. 28. India Gift Card Market for Supermarkets/Hypermarkets, Revenue (USD Million) 2018 – 2032 52

FIG NO. 29. India Gift Card Market for Coffee Shops, Revenue (USD Million) 2018 – 2032 53

FIG NO. 30. India Gift Card Market for Others, Revenue (USD Million) 2018 – 2032 53

FIG NO. 31. India Gift Card Market Revenue Share, By End User, 2023 & 2032 55

FIG NO. 32. Market Attractiveness Analysis, By End User 56

FIG NO. 33. Incremental Revenue Growth Opportunity by End User, 2024 – 2032 56

FIG NO. 34. India Gift Card Market Revenue, By End User, 2018, 2023, 2027 & 2032 57

FIG NO. 35. India Gift Card Market for Business, Revenue (USD Million) 2018 – 2032 58

FIG NO. 36. India Gift Card Market for Individuals, Revenue (USD Million) 2018 – 2032 59

FIG NO. 37. India Gift Card Market Revenue Share, By Generation, 2023 & 2032 61

FIG NO. 38. Market Attractiveness Analysis, By Generation 62

FIG NO. 39. Incremental Revenue Growth Opportunity by Generation, 2024 – 2032 62

FIG NO. 40. India Gift Card Market Revenue, By Generation, 2018, 2023, 2027 & 2032 63

FIG NO. 41. India Gift Card Market for Generation X, Revenue (USD Million) 2018 – 2032 64

FIG NO. 42. India Gift Card Market for Millennial, Revenue (USD Million) 2018 – 2032 65

FIG NO. 43. India Gift Card Market for Generation Z, Revenue (USD Million) 2018 – 2032 65

FIG NO. 44. India Gift Card Market for Others, Revenue (USD Million) 2018 – 2032 66

FIG NO. 45. Research Methodology – Detailed View 70

FIG NO. 46. Research Methodology 71

List of Tables

TABLE NO. 1. : India Gift Card Market: Snapshot 17

TABLE NO. 2. : Drivers for the India Gift Card Market: Impact Analysis 21

TABLE NO. 3. : Restraints for the India Gift Card Market: Impact Analysis 23

Frequently Asked Questions:

What is the current size of the India Gift Card Market?

The India gift card market is projected to grow from USD 18,324.67 million in 2023.

What factors are driving the growth of the India Gift Card Market?

The growth is primarily driven by the increasing popularity of digital gifting among younger demographics, a growing preference for cashless transactions, integration with e-commerce platforms, and rising demand for personalized gifting options.

What are the key segments within the India Gift Card Market?

Key segments include by Type (Open Loop, Closed Loop, E-Gifting) and by Price Range (High, Medium, Low).

What are some challenges faced by the India Gift Card Market?

Challenges include a cash-dominant economy, limited internet penetration in rural areas, regulatory uncertainty, market saturation, and a need for greater consumer awareness of gift cards.

Who are the major players in the India Gift Card Market?

Major players include EbixCash, QwikCilver, LivQuik, eVoucher India Pvt Ltd, and several global corporations like Apple Inc. and Starbucks Corporation.

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