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The Ultimate Guide to the B2B Gift Card Market in India

Discover the latest trends, top brands, and insights into the B2B gift card industry in India





New Delhi



Official language



National holidays

Republic Day, January 26th Independence Day, August 15th Gandhi Jayanti, October 2nd Eid ul-Fitr (Marks the end of Ramadan) Diwali (Festival of lights) Holi (Festival of colors) Christmas, December 25th Eid-e-Milad (Birthday of the Islamic prophet Muhammad) Maha Shivaratri (Hindu Festival in honor of God Shiva)

India gift card market size

In value terms, the gift card market in India has recorded a CAGR of 15% during 2018-2022. The gift card industry in India will continue to grow over the forecast period and is expected to record a CAGR of 18% during 2023-2028. The gift card market in India will increase from US$ 6,486 billion in 2022 to reach US$ 13,237 billion by 2027.

India has witnessed remarkable growth in recent years, driven by the rapid digitalization of the economy. With the increasing adoption of online shopping and digital payment methods, gift cards have become a popular choice for gifting and incentives. Their convenience and practicality have fueled this growth, allowing recipients to choose from a wide array of products. They can be purchased and sent online, making them an attractive option for last-minute gifts.

The gift card market in India appears promising in the future as it continues to interwinde with the nation’s digitalization and growing e-commerce landscape. As the digital payment infrastructure further develops, gift cards are becoming a key component of India’s evolving retail and e-commerce ecosystem. The industry is driven, amongst other factors, by the expanding collaboration between businesses and brands to raise brand awareness.

Country gift card market size

India gifting traditions

Indian gifting traditions are deeply rooted in the country’s rich cultural and social fabric and they remain an important part in their lives. Gift-giving in India represents much more than just tangible objects, they serve as a representation of the relationship between the sender and the receiver. It is seen as a crucial component of social interactions and there are many ways to celebrate gift giving. The act of giving and receiving gifts during religious ceremonies and festivals fosters a sense of togetherness making it one of the most cherished and meaningful traditions in Indian culture.

When are gifts most commonly exchanged?

Amongst other occasions, Indonesians will exchange gifts:

  • For birthdays

  • For anniversaries

  • For religious ceremonies and festivals

  • As wedding gifts

Cultural gifting etiquette

The most appreciated gifts in Indian culture are those that show thoughtfulness and consideration for the recipient’s preferences and needs. Presentation matters too, with gifts oftenly exquisitely wrapped and adorned. Generally Indians make sure to:

  • Choose something appropriate for the occasion.

  • Include a colorful wrapping or envelope.

  • Offer an inclusive and culturally relevant option.

  • Receive or give a gift with both hands to show respect.

Importance of B2B gifting in India’s corporate culture 

Corporate gifting in India has been practiced for a long time and one of its main purposes is to foster better business relationships. Gifts are given on multiple occasions such as showing gratitude, or celebrating Diwali. Offering gifts not only serves as a sign of respect for one another but also shows commitment and loyalty to solidify the bonds between businesses.

Gift card regulations in India

Gift Card Regulations in India are governed by the Reserve Bank of India (RBI) who released the directions for Prepaid Payment Instrument (PPI Regulations). 

Expiry dates: PPIs issued in India should have a minimum validity period of one year from the date of issue. 

Fees/charges: Gift Cards in India should not have any fees or charges associated with their issuance. However, if there are, they must be clearly disclosed to the buyer at the time of the purchase.

Redemption: Gift cards must be redeemable at all outlets or stores and some can be redeemed on the online website of the issuing entity, and the terms and conditions for redemption should be clearly communicated to the buyer. The maximum value cannot exceed INR 10,000.

Disclosures: PPIs must disclose simply and clearly  all relevant terms and conditions to the buyer at the time of the purchase. 

Consumer protection: PPI regulations should include any FAQs on the issuer's website, a public customer grievance system, transparent customer contact details, and timely complaint resolutions.

It's important to note that regulations may change, so always check the latest guidelines with India's government or appropriate regulatory bodies. Moreover, the specifics and prerequisites might differ based on the gift card type, its provider, and other considerations.

If you're considering buying or utilizing gift cards in India, ensure you read the issuer's terms and conditions and consult with legal experts if necessary.

Popular gift cards in India

Popular gift card brands

In the bustling world of gift cards in India, it's a pleasure to introduce some of the brands that have made a mark in their respective industries.

Amazon: Vast online marketplace that offers a wide and unique range of products with quick delivery and convenience.

Flipkart: One of India’s leading e-commerce platforms with access to an extensive catalog of products.


Big Bazaar: One of India’s most popular retail chains selling groceries, fashion, and household items.


Google Play: Highly known digital distribution platform that offers a wide array of digital content like apps, games, movies, and books.

Steam: One of India’s digital content marketplace designed for gamers to buy games, software, and in-game items on the platform.

iTunes: An online media store and media player application used to purchase music, movies, TV shows, apps and much more, making it a hub for digital entertainment for Apple users.

Tanishq: One of India’s leading jewelry brands known for its exquisite designs, craftsmanship, and trustworthiness, offering a wide range of gold, diamond, and other precious metal jewelry. 

Croma: A prominent electronics retail chain in India that specializes in consumer electronics and appliances, offering a wide selection of products.

Bigbasket: From pantry staples to gourmet treats, the Bigbasket Gift Card brings the freshest flavors to your doorstep.

Nykaa: Unleash your inner beauty – the Nykaa Gift Card is your canvas for cosmetics, skincare, and more.

Benefits of B2B gifting in India

In India's dynamic business landscape, fostering positive relationships is integral to success. B2B gifting has emerged as a powerful strategy for achieving this goal. It's a gesture of appreciation that can yield a range of benefits for businesses operating in the Indian market.

To wrap it up, B2B gifting in India isn't just a trend; it's a testament to the value of relationships in business. However, it's pivotal for businesses to tread this path with sensitivity, keeping in mind cultural nuances, local practices, and the unique Indian spirit.

The Global Gift Card 

With The Global Gift Card, GoGift has completely changed the way people give gifts locally and internationally while providing businesses in a variety of industries with a customized solution. You can reach people worldwide with the market’s largest global brand selection and a fully customizable solution.

Physical and digital versions of The Global Gift Card
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