The Next Wave of Gift Card Technology Predictions for India

What's Fueling Gift Card Innovation?

Rapid tech advances and shifts in what consumers want are pushing gift card innovation in India. The gift card market is set to grow by 16.5% each year, reaching US$ 7,556.2 million by 2023, says the India Gift Card and Incentive Card Market Intelligence and Future Growth Dynamics (Databook) - Q1 2023 Update. More people using digital wallets and mobile tech is a big reason for this growth. These tools make buying easier and more appealing, especially to those who love technology.

What are the current Technologies in Gift Cards?

Today's gift card tech in India includes digital cards, QR codes, and mobile app features. As Expert Market Research reports, new gadgets and apps are making gift cards easier to use and more accessible, enhancing how consumers interact with them every day.

Emerging Technologies to Keep an Eye On

The gift card market in India is getting ready for new tech like blockchain and augmented reality (AR). According to Credence Research, these innovations are set to push the market value up to USD 59,983.14 million by 2032. Blockchain brings trust and less fraud, while AR creates personal and immersive shopping experiences. Both are shaping the future of how we buy and use gift cards.

Innovators Leading the Way

Companies like Flipkart and Amazon are at the forefront, incorporating cutting-edge tech into their gift card offerings. BusinessWire reports that these brands are using digital solutions to meet diverse consumer needs, with features like instant delivery and virtual reality making gift cards more appealing.

FAQs: Answering Your Questions

• What tech will lead by 2025? Blockchain will be the key player in the gift card market by 2025, enhancing security and making transactions clearer, according to Mordor Intelligence.
• How are digital wallets changing gift cards? Digital wallets are making gift cards easier to use by letting people store, send, and use them right from their phones. This shift is backed by a rise in mobile use and online access, with the Indian e-commerce market expected to hit $200 billion by 2026, says the Indian Retailer.

Conclusion

India's gift card market is gearing up for major updates with technologies like blockchain and AR, promising safer and more engaging experiences for users.

Citations

1. BusinessWire (2023): "India Gift Card and Incentive Card Market Intelligence and Future Growth Dynamics (Databook) - Q1 2023 Update." Available online: https://www.businesswire.com/news/home/20230324005181/en/India-Gift-Card-and-Incentive-Card-Market-Intelligence-and-Future-Growth-Dynamics-Databook---Q1-2023-Update-Rapid-Adoption-of-E-Commerce-and-Technology-Presents-Opportunities-Among-New-Demographics---ResearchAndMarkets.com.
2. Expert Market Research (2024): "India Gift Cards Market." Available online: https://www.expertmarketresearch.com/reports/india-gift-cards-market.
3. Credence Research (2023): "India Gift Card Market Size, Growth & Forecast to 2032." Available online: https://www.credenceresearch.com/report/india-gift-card-market.
4. Mordor Intelligence (2024): "India Gift Card and Incentive Card Market." Available online: https://www.mordorintelligence.com/industry-reports/india-gift-card-and-incentive-card-market.
5. Indian Retailer (2023): "How Has the Concept of Gifting Changed in India." Available online: https://www.indianretailer.com/article/whats-hot/retail-trends/how-has-the-concept-of-gifting-changed-in-india.a7210.