The sale of physical gift cards decreased considerably during the global pandemic-induced lockdown. However, at the same time, the sale of digital gift cards increased by more than 50%. The reason behind the increasing sales of digital gift cards and declining sales of physical gift cards were apparent. With stores closed for months and no physical movement allowed, consumers increasingly shifted online to purchase gift cards.
However, According to PayNXT360’s recent survey, it has been observed that retailers are beginning to experience a significant rise in the sales of physical gift cards. This is primarily due to the impact of the global pandemic starts to diminish and stores opening up for business again. Moreover, consumer sentiment towards visiting retail stores is gradually improving along with an increasing number of fully vaccinated individuals.
According to PayNXT360, gift card buying from physical retail stores started recovering since Q2 2021. According to the same study, more than 51.1% of the gift card buyers purchased a physical gift card from retail stores during this period.
PayNXT360 expects the growth of gift cards to continue its upward momentum across different sales channels. Moreover, the rising sales of both physical and digital gift cards show that consumers have an unparalleled choice in how, where, and when they can purchase gift cards.
Now more than ever before, consumers across different demographics are buying gift cards. Consequently, it is projected that it will be crucial for retailers to meet the evolving needs of consumers to ensure sustainable growth over the next four to eight quarters. For instance, consumers are increasingly looking for environmental-friendly physical gifting options such as recyclable gift cards. Therefore, it has become importnat for retailers to allow shoppers to pick the gifting option that matches their needs.
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Singapore is one of the leading countries in the prepaid card segment in Southeast Asia.
With increased mobile penetration, the country became one of the early adopters of the digital payment system.
In recent years, many global companies have launched their services in the country.Additionally, the rising market attractiveness also created growth avenues for fintech companies in the country.
The government-backed digital payment system has emerged as one of the key factors for the prepaid card market growth.
According to PayNXT360, the growing acceptance of digital gift cards across all sectors such as transportation, hospitality, and e-commerce is expected to drive market growth over the next two to three quarters.In Singapore, companies are launching QR code-based gift cards to increase market share:The contactless payment system gained momentum during the ongoing pandemic in Singapore.
Consumers have been avoiding physical contact with currencies to be safe.
The financial technology (fintech) revolution is quickly spreading worldwide, altering the global financial dynamics.
The spectacular growth in the usage of smartphones has only catalyzed the adoption of digital tools for fintech platform solutions.
Here are 5 ways in which fintech is transforming the banking and financial services landscape- Enhanced customer experience powered by omnichannel presence: Fintech platforms enable banks with powerful banking capabilities for better customer engagement across different channels and deliver a hyper-personalized experience, enhance customer value, and seamlessly transition to the digital age.
Digital handshake with cloud AI: Banks are offering a unique customer experience centered on personalization, speed, relevance, and seamless delivery, such as AI-enabled Chatbots to manage customer queries faster and save time.
With RPA being applied, the KYC process is made much faster, and customer data can be analyzed and verified within moments with very little room for inaccuracies.
Digital currencies using Blockchain technology: Customers have benefited from cryptocurrencies for moving money, lowering expenses, and saving time since blockchain provides a reliable trading platform with improved transparency.
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