UAE’s e-commerce boom to drive gift card market to hit $2bln in 2024

UAE’s e-commerce boom to drive gift card market to hit $2bln in 2024

The growth will be partly fuelled by the UAE e-commerce market, which accounted for more than 30 percent of the retail trade in the Gulf Cooperation Council (GCC) countries in 2019.Gift cards are popular among shoppers who want to avoid the hassle of buying presents during special occasions. They are loaded with cash like the regular prepaid debit cards and allow the recipients to purchase whatever they want.Some shoppers also resort to buying gift cards for personal use, due to ease of use and availability - they can be found everywhere, from the grocery store to the shopping mall concierge and even online.Product launchesDue to the growing popularity of gift cards, the UAE has seen several product launches in the market in recent years. In July 2019, Google Play rolled