NEW YORK—Consumer interest in gift cards remains high, with 56% planning to purchase them for major life events and 38% preferring them as Christmas gifts over physical items, according to a new report.
Given consumer interest, multiple FIs and fintechs are partnering with technology providers to offer gift cards and drive consumer loyalty and engagement, Tear Sheet reported, citing data from Fiserv.
“But even though gift cards aren’t new, how and where customers are buying these cards is changing,” Tear Sheet stated. “Urban dwellers are two times more likely to purchase a gift card through a P2P app like Venmo.”
During 2023 the company announced a partnership with gift card manufacturer Hallmark, which enabled customers to gift money in a physical card by Hallmark. Venmo reports that 78% of its customers regularly use the P2P app to send money as a gift to their friends and family, Tear Sheet said.
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