South Korea Gift Card and Incentive Card Market Databook 2020-2024 with Covid-19 Update Q2 2020
DUBLIN, Sept. 16, 2020 /PRNewswire/ -- The "South Korea Gift Card and Incentive Card Market Intelligence and Future Growth Dynamics (Databook) - Market Size and Forecast (2015-2024) - Covid-19 Update Q2 2020" report has been added to ResearchAndMarkets.com's offering.
The gift card market in the country will increase from US$ 4,563.5 million in 2019 to reach US$ 7,045.6 million by 2024.
Personalized digital gift cards are gaining popularity in the country. Leading retailers such as Homeplus, Shinsegae, and Lotte have been offering gift cards integrated with mobile application to incentivize customers. Lotte which operates Lotte Departmental Stores, Lotte Mart, and Lotte Hi-Mart offers its gift cards through its mobile application. Moreover, Starbucks Coffee Korea has integrated company's personalized e-gift cards and e-gift items ordering system with Siren Order, Starbucks's mobile order and payment system .
The presence of domestic and international gift card issuers makes the Korean gift card market more competitive. Leading domestic prepaid card issuers such as Korea Prepaid Card offers a wide range of gift cards for corporate and retail customers. The company is also the authorized distributor of Google Play gift cards in the country.
The South Korean gift card market is also expanding due to the rising trend of trading gift cards for buying bitcoins and other altcoins. Some of the key players include paxful.com and bitrefill.com offer cryptocurrency trading through gift cards. The market for cryptocurrency is growing in the country which will support the gift card market over the period.
Additionally, Koreans are also making use of gift certificates to order food through food delivery apps in the country.
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