LocalCard

The global gift card market was valued at approximately $900 billion in 2022 and is projected to reach over $2 trillion by 2030, with a compound annual growth rate (CAGR) of 10-15%, depending on the source. The digital segment is growing faster than physical cards, reflecting the increasing shift toward e-commerce and digital wallets. The gift card market is ripe for disruption. While the industry has grown significantly, it still suffers from inefficiencies, misaligned incentives, and outdated practices that frustrate both consumers and businesses. Here's why the market is ready for innovation: Breakage (Unused Cards): Many consumers don’t redeem gift cards, resulting in "breakage," which benefits issuers but frustrates buyers and recipients. Poor User Experience: Clunky redemption processes, limited tracking options, and lack of reminders are common issues. Lack of Personalization: Most gift cards offer generic designs and limited options for customization. Geographic Limitations: Gift cards often fail to support local businesses effectively or enable cross-border usage.