A prepaid digital wallet, such as a digital gift card, includes a fixed amount of money that can be used to make transactions. The minimum and maximum loading limits for digital gift cards are $10 and $500, respectively. To balance the cost of a purchase, digital gift cards are used to cover a portion of it using mobile banking, debit, or credit. Many digital gift cards are registered online as a precautionary measure to limit the risk of loss; this allows the remaining balance to be tracked and frozen in the event that a card is lost. Digital gift cards are easier to trace and more secure than cash, reducing the likelihood of fraudulent purchases.
According to SPER market research, ‘Asia Pacific Digital Gift Card Market Size-By Functional Attribute, By Application, By End User- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’state that the Asia Pacific Digital Gift Card Market is predicted to reach USD XX Billion by 2033 with a CAGR of 15.5%.
DRIVING FACTORS:
- Growing E-commerce Adoption: Rising online shopping patterns and the advent of digital payment methods are driving demand for digital gift cards in Asia Pacific.
- Digital gift cards are convenient and accessible, allowing recipients to simply redeem and use them across several platforms and channels.
- Expanding Smartphone prevalence: As smartphone prevalence increases, digital gift cards become more accessible and useful, particularly among tech-savvy consumers.
- Personalisation and Customisation: Digital gift cards enable personalised gifting experiences by allowing senders to adjust messages and designs to the recipients’ preferences.
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CHALLENGES:
- Security Concerns: Security problems associated with digital transactions, such as fraud and data breaches, make it difficult to embrace digital gift cards.
- Regulatory Compliance: Market participants have hurdles in complying with increasing legislation and standards governing digital payments and consumer data protection.
- Consumer understanding: Low consumer understanding of the benefits and functionality of digital gift cards may stymie market growth.
- Traditional physical gift cards continue to dominate the industry, offering a challenge to digital gift cards in the Asia Pacific area.
COVID Impact: The COVID-19 epidemic has pushed the use of digital gift cards across Asia Pacific. Lockdown measures and social distance limits have changed consumer preferences towards online buying and contactless transactions, resulting in increased demand for digital gifting options. Businesses are increasingly using digital gift cards as staff incentives, customer rewards, and promotional initiatives to respond to changing consumer behaviours. However, economic uncertainty and logistical obstacles have influenced consumer buying, causing swings in demand for digital gift cards during the pandemic.
Additionally, some of the market key players are Amazon.com Inc, Apple Inc, Blackhawk Network Holdings, Inc, Fiserv, Inc, Walmart, Inc, Others.
APAC Gift Card and Incentive Card Market Key Segments Covered
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Functional Attribute: Based on the Functional Attribute, Asia Pacific Digital Gift Card Market is segmented as; Closed-loop Card, Open-loop Card.
By Application: Based on the Application, Asia Pacific Digital Gift Card Market is segmented as; Consumer Goods, Health & Wellness, Media & Entertainment, Restaurants & Bars, Travel & Tourism, Others.
By End User: Based on the End User, Asia Pacific Digital Gift Card Market is segmented as; Corporate, Retail.
By Region: This research also includes data for China, India, Japan, Malaysia, Singapore, South Korea, Rest of Asia Pacific.
For More Information, refer to below link:-
Asia Pacific Gift Card and Incentive Card Market Outlook
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