
The “Asia Pacific Gift Card and Incentive Card Market Intelligence and Future Growth Dynamics (Databook) – Q2 2024 Update” report is now available on ResearchAndMarkets.com.
Asia Pacific Gift Card Market Outlook
The Asia Pacific gift card market is expected to grow at an annual rate of 8.3%, reaching USD 235.7 billion in 2024. Through a CAGR of 7.2%, this market is anticipated to expand from USD 217.7 billion in 2023 to USD 310.7 billion by 2028.
Sector Highlights and Innovations
Recent developments, such as Qwikcilver’s partnership with foodpanda and Tbay’s “Quick Sell Mode,” indicate a strong focus on innovation and user experience. Despite these advancements, regulatory complexities and fraud risks present ongoing challenges for the market.
Key Market Developments
- Qwikcilver & foodpanda Partnership: Qwikcilver, a Pine Labs subsidiary, partnered with foodpanda to introduce foodpanda gift cards. Initially available to corporate clients in Singapore and Thailand, this partnership aims to expand across all 11 foodpanda markets, strengthening Qwikcilver’s regional influence.
- Tbay’s Quick Sell Mode: Singapore-based Tbay launched “Quick Sell Mode” in December 2023 to streamline transactions and reduce processing time by 20%, catering to the demand for faster, more secure transactions.
Regulatory and Security Challenges
The gift card market faces regulatory hurdles such as varied taxation laws and consumer protection regulations. Fraud risks, including counterfeiting, have also led to calls for stronger security measures and fraud detection to safeguard transactions.
Reasons to Buy
- Comprehensive Market Analysis: Understand market trends, growth drivers, and five-year projections for the Asia Pacific gift card sector.
- Strategic Market Insights: Identify opportunities across consumer segments to craft effective market strategies.
- Consumer Behavior Insights: Gain insights into consumer spending patterns to enhance ROI.
Report Features and Scope
This report offers detailed analysis through six KPIs, insights into both online and offline distribution channels, and a bundled set of 10 country-specific reports.
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