Gift Cards. Though customers’ gift card purchasing has been fairly consistent in the recent past, usage often fluctuates. US customers spent roughly $98.6 billion on gift cards in 2019, according to Mercator data cited by CBS News. In the same year, 24% of surveyed consumers bought a gift card for online services, Mercator also found.
US Mother's Day retail gift spending will total $28.1 billion this year, up $1.4 billion from 2020—on trend with previous years. In fact, gift spending for Mother's Day has increased by more than $10 billion over the past 10 years. More like this:. Report: Publishers and Commerce 2021. Article: More than 100 million Americans will use proximity mobile payments in 2021.
A fall launch would let Afterpay maximize its presence during the holiday shopping season, when customers may be more willing to use a BNPL product to help pay for expensive gifts. This could result in a lucrative payoff for Afterpay: Holiday ecommerce sales are expected to hit $206.88 billion this year, according to eMarketer forecasts from Insider Intelligence.
Mass transit cards are exempt from the rule, and gift card issuers have the option to enable interoperability. Interoperability will be facilitated through card networks for card-based PPIs and the Unified Payments Interface (UPI) for mobile wallets. In practice, this means users with mobile wallets can send payments to various wallet brands and also use them at any UPI-accepting merchant.