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Source: businesswire | Published on: Friday, 25 October 2024
DUBLIN--(BUSINESS WIRE)--The "Asia Pacific Gift Card and Incentive Card Market Intelligence and Future Growth Dynamics (Databook) - Q2 2024 Update" report has been added to ResearchAndMarkets.com's offering.
The gift card industry in the region is expected to grow by 8.3% on annual basis to reach US$235.7 billion in 2024.
The gift card industry in Asia Pacific will continue to grow over the forecast period and is expected to record a CAGR of 7.2% during 2024-2028. Gift card market in the country will increase from US$217.7 billion in 2023 to reach US$310.7 billion by 2028.
Recent advancements in the Asia Pacific gift card sector, including Qwikcilver's partnership with foodpanda and Tbay's Quick Sell Mode, highlight a focus on innovation and improved consumer experience. However, the sector must navigate complex regulatory challenges and increasing fraud risks.
Key Developments in the Gift Card Sector in Asia Pacific
Several significant product launches have recently taken place in the gift card sector in the Asia Pacific region, showcasing strategic partnerships and innovations aimed at improving consumer engagement.
Product Launches and Innovations
Qwikcilver and foodpanda Partnership: In December 2023, Qwikcilver, a subsidiary of Pine Labs, partnered with foodpanda to launch foodpanda Gift Cards. Initially available for corporate customers in Singapore and Thailand, these gift cards are expected to roll out across all 11 markets where foodpanda operates, significantly enhancing Qwikcilver's market presence in the region.
Tbay's Quick Sell Mode: Also in December 2023, Tbay, a Singapore-based gift card platform, introduced a feature called Quick Sell Mode, designed to expedite gift card transactions by reducing processing time by at least 20%. This innovation aims to address consumer demand for faster and more secure transaction processes, which has become increasingly important in the gift card market.
Strategic Partnerships
Qwikcilver and foodpanda Partnership: In December 2023, Qwikcilver, a subsidiary of Pine Labs, entered a strategic partnership with foodpanda to launch foodpanda Gift Cards. Initially targeted at corporate customers in Singapore and Thailand, these gift cards are set to expand across all 11 markets where foodpanda operates, significantly bolstering Qwikcilver's position in the gift card market.
Regulatory Changes
Regulatory Complexities: The gift card market faces various regulatory and compliance challenges across different countries in the Asia Pacific. These include differing taxation issues and consumer protection laws, which complicate the operations of gift card issuers and retailers that operate in multiple jurisdictions. Adhering to local regulations adds complexity to gift card programs and distribution channels.
Fraud and Security Risks: The region has seen a rise in concerns regarding gift card fraud, counterfeiting, and unauthorized use. Regulatory bodies are increasingly focused on implementing robust security measures and fraud detection systems to protect consumers and businesses. This includes requirements for card vendors to demonstrate experience and good credit records to mitigate risks associated with gift card transactions.
Reasons to buy
A bundled offering, comprising 1 regional and 10 country reports
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 2,948 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value (USD) in 2024 | $235.7 Billion |
| Forecasted Market Value (USD) by 2028 | $310.7 Billion |
| Compound Annual Growth Rate | 7.2% |
| Regions Covered | Asia Pacific |
Scope for Each Report
Total Spend on Gifts
Gift Card Market Size by KPIs across Consumer Segments
Gift Card Market Size by Consumer Segment
Digital Gift Card Market Size
Gift Card Market Size by Retail Consumer
Gift Card Spend by Consumer Behavior and Demographics
Gift Card Market Size by Corporate Consumer
Gift Spend by Product Categories (Split by Retail and Corporate Consumers)
Gift Card Spend by Retail Sector (Split by Retail and Corporate Consumers)
Gift Card Spend by Distribution Channel (Split by Retail and Corporate Consumers)
Closed Loop Gift Card Market Share by Key Retailers. Key Retailers Covered Include:
For more information about this report visit https://www.researchandmarkets.com/r/zi0zkx
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