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The global incentive cards market is experiencing significant growth and is expected to maintain its dominance during the forecast period. Incentive cards refers to award cards that are provided to any staff in an enterprise if the management wishes to reward its employees. Incentive cards also help administrators to enhance tax compliance and keep a record of all rewards in organizations. However, the rewarded employee cannot use an incentive card to withdraw cash at an ATM or in-store; it can be used to pay for products and services only.
The global incentive cards market is segmented on the basis of type, functional attribute, end user, and region. Based on type, the market is further segmented into consumer incentive card and employee/partner incentive card. In terms of functional attribute, the market is sub-divided into closed loop and open loop. Based on end user, the market is further segmented into individuals, corporate institutions, and others. Geographically, the global market is divided across North America (U.S. and Canada), Europe (Germany, UK, France, and rest of Europe), Asia-Pacific (China, Japan, India, and rest of Asia-Pacific), Latin America (Brazil, Mexico, and rest of LATAM) and Middle East & Africa.
Key players of the incentive cards market analysed in the research include Visa Inc., Mastercard Incorporated, American Express Company, PayPal Holdings Inc., JCB Co. Ltd., JP Morgan Chase & Co., Bank of America, Discover Financial Services Inc., Johnson & Johnson, and Citi Bank. They have adopted various strategies including new product launches, collaborations, partnerships, mergers & acquisitions, joint ventures, agreements, and others to gain a stronghold and international presence across the world.
Rise in preference of employers to provide non-cash rewards and growth in choice of physical or digital cards and a wide variety of retailer redemption options among individuals are some of the key factors that drive the incentive cards market growth. However, several factors such as low market penetration in developing economies is expected to hinder the market growth. Furthermore, rise in preference for cashless payments globally and untapped demand in emerging countries are expected to provide great opportunities for the market growth.
Various companies in the incentive cards industry have started partnering with each other for business expansion in recent years. For instance, in April 2020, Rybbon, a global incentives program, came into partnership with Voxco, a leading omni-channel survey service provider and automated data collection and analytics services. This partnership promotes higher response rates to the program by giving respondents digital incentives such as e-gift cards and Visa reward cards.Â
The incentive rewards allow employees of Voxco to optimize survey collection response rates and drive engagement with participants. Furthermore, reward experience is reflects unique brand identity and loyalty of an organization. More number of such strategies are expected to strengthen positions of incentive card providers in the industry.
According to several research studies, 90% of well performing organizations have reported using non-cash incentives and incentive systems to inspire staff and/or distributor partners. In addition, it is observed that most percent of staff like an employer to issue an incentive gift card as a reward. Moreover, companies offer customization options in incentive cards to a resonating employee level, owing to their higher demand. For example, companies can offer a variety of real or virtual cards and a range of opportunities for retail redemption. More number of such innovations are expected in the future, owing to rise in demand for incentive cards in the market.
Questions Answered in the Incentive Cards Market Research Report:
Incentive Cards Market Report Highlights
Aspects | Details |
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By Type |
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By Functional Attribute |
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By End user |
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By Region |
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Key Market Players | Citi Bank, JP Morgan Chase & Co., Bank of America, Discover Financial Services Inc., Johnson & Johnson, Visa Inc., American Express Company, PayPal Holdings Inc., Mastercard Incorporated, JCB Co. Ltd., |
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