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ResearchAndMarkets.com’s offering. The strong growth in the e-commerce sector primarily supported the overall gift card industry during 2020, a trend expected to continue over the forecast period. Increasing smartphone penetration and consumer’s inclination towards online shopping has positively impacted e-commerce sector. In South Africa, for instance, the growth in the e-commerce market is one of the factors driving gift card market growth in the country. With growing online sales the spending on gift cards is also likely to increase in the country. The gift card market in Kenya recorded substantial growth in the last few years. As one of East Africa’s largest economies, technological advancements in the payment industry widened the scope of the gift card market in Kenya. The market growth has been primarily backed by the rising adoption of gift cards by the millennials and Gen Z consumers, expansion of the retail sector, and growing inclination towards cryptocurrencies.

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