A prepaid digital wallet, such as a digital gift card, includes a predetermined amount of money that is used to make purchases. The maximum and minimum loading quantities for digital gift cards are $500 and $10, respectively. To balance the cost of a transaction, digital gift cards are used to pay for a portion of it using mobile banking, debit, or credit. Many digital gift cards are registered online as a precaution to decrease the risk of loss; this allows the remaining balance to be tracked and frozen in the event that a card is misplaced. Digital gift cards are easier to manage and more secure than cash, which helps to avoid fraudulent transactions.

The digital gift card market is being pushed primarily by an increase in the usage of cutting-edge technology in the payments industry, as well as an increase in global awareness of digital payments. The digital gift card market is being fuelled further by increased smartphone penetration and the popularity of gift cards among companies and financial institutions.

However, gift card fraud challenges such as refund fraud, card number theft, and physical tampering stymie the digital gift card market growth. On the contrary, it is expected that in the next years, the digital gift card market would profit tremendously from technical developments and an increase in demand for gift cards from developing nations. Moreover, the increasing preference of corporate organisations for digital gift cards over cash when rewarding their personnel helps to drive market growth. Furthermore, the high development potential of developing nations such as China and India is expected to offer up new avenues for digital gift card market advancement throughout the forecast period.

Furthermore, smartphone use and an increase in demand for sophisticated payment methods are major factors influencing the global digital gift card market's growth. Security risks, on the other hand, have some impact on market growth. During the forecast period, however, the digital gift card market is projected to be influenced by rising enthusiasm for breakthrough items.

The Covid-19 epidemic had a tremendous impact on the digital gift card business. The constraints on physical encounters, as well as the move to online shopping, have pushed the use of digital gift cards as a secure and contactless gifting option. The COVID-19 epidemic has expedited the spread of digital gift cards throughout Asia Pacific. Lockdown measures and social distance restrictions have changed consumer preferences towards online buying and contactless transactions, resulting in increased demand for digital gifting services. To react to evolving consumer behaviours, businesses are increasingly using digital gift cards as employee incentives, customer rewards, and promotional initiatives. However, economic uncertainty and logistical obstacles have influenced consumer spending, resulting in variations in demand for digital gift cards during the pandemic.

The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Amazon.com Inc, Apple Inc, Blackhawk Network Holdings, Inc, Fiserv, Inc, InComm Payments, Loop Commerce, Inc (Synchrony Financial), PayPal Holdings, Inc, Target Corporation (Target Brands, Inc), Walmart, Inc, Others.

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.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.