Mexico Gift Card Market Overview, 2029

Mexico Gift Card Market Overview, 2029

The gift card market in Mexico has witnessed substantial growth over recent years, fueled by increasing consumer awareness, the rising popularity of digital payment solutions, and the demand for convenient, flexible gifting options. Traditionally, cash has been a favored form of gifting in Mexico, but gift cards are now quickly gaining traction as they offer the flexibility of cash with a more personalized touch. Gift cards are becoming popular for various occasions, including birthdays, holidays, graduations, and corporate incentives, with retailers and businesses seizing this opportunity to boost sales and encourage brand loyalty. The market includes both closed-loop gift cards, which can be used exclusively at specific retailers, and open-loop cards, which can be used across multiple merchants, offering recipients a broader choice of where to spend. Closed-loop gift cards from prominent brands such as Liverpool, Walmart, and Soriana are especially popular in Mexico’s retail landscape, as they encourage repeat purchases and promote brand engagement. On the other hand, open-loop cards issued by major credit card companies like Visa and Mastercard offer recipients the freedom to shop at various establishments, making them ideal for corporate gifting. As the e-commerce sector grows, digital gift cards, which can be sent instantly via email or messaging apps, are gaining popularity, particularly among tech-savvy consumers looking for a quick, hassle-free gifting option.

According to the research report ""Mexico Gift Card Market Overview, 2029,"" published by Bonafide Research, the Mexico Gift Card market is expected to reach a market size of more than USD 28.06 Billion by 2029. This trend is strongly supported by the rapid rise of e-commerce and mobile payment platforms, which have made it easier for consumers to purchase and redeem gift cards online. The COVID-19 pandemic further accelerated the adoption of digital gift cards, as consumers turned to online shopping and contactless payment methods. In response, many Mexican retailers have expanded their digital gift card offerings and integrated them with their online platforms, creating a seamless shopping experience for customers. Digital gift cards offer several advantages, including ease of storage in mobile wallets, the ability to track balances in real-time, and the option to redeem across both online and physical stores. Additionally, digital gift cards have gained popularity as an employee incentive in Mexico, as businesses recognize their value as a versatile and easily distributed reward. With the widespread adoption of mobile wallets and platforms like Mercado Pago, OXXO Pay, and other local payment solutions, Mexican consumers have become more comfortable using digital payment methods, which bodes well for the future of digital gift cards in the country. The increased demand for e-gifting is also contributing to market growth, as digital gift cards provide a quick and convenient way for consumers to send gifts to family and friends, especially around major holidays and shopping events like El Buen Fin and Christmas.

In Mexico, the gift card market is expanding rapidly, with a strong demand for both closed-loop and open-loop options that meet a variety of consumer needs and preferences. Closed-loop cards, which can only be used at specific retailers, are popular among well-known Mexican brands such as Liverpool, Palacio de Hierro, and OXXO, each offering these cards as a way to retain customers and foster brand loyalty. These cards often come with exclusive discounts and promotions that encourage repeat visits, making them an attractive choice for consumers who are loyal to a particular store or brand. Mexican retailers heavily leverage closed-loop gift cards during holiday seasons, such as Navidad (Christmas) and Día de las Madres (Mother’s Day), when gift-giving spikes across the country. Meanwhile, open-loop gift cards, supported by major payment networks like Visa and Mastercard, are gaining popularity due to their flexibility and ease of use. They can be redeemed at a variety of establishments, from restaurants and retail stores to online platforms, making them a versatile option for personal and corporate gifting alike. Open-loop cards are especially popular among younger consumers and those in urban areas who value the freedom to choose where to spend their funds, making these cards a practical and widely accepted gift solution.

Gift card price ranges in Mexico cover high-value, medium-value, and low-value options, catering to a diverse consumer base that includes urban professionals, families, and younger shoppers. High-value gift cards, typically valued at MXN 2000 or more, are frequently used as luxury gifts or corporate rewards. They are often given during important celebrations, such as quinceañeras, weddings, and holiday festivities, where recipients can redeem them for higher-end items like electronics, premium fashion, or gourmet dining experiences. In the corporate context, high-value gift cards are common incentives for employee performance, serving as rewards for achieving sales targets or completing major projects, especially in multinational companies with offices in Mexico. Medium-value gift cards, ranging from MXN 500 to MXN 2000, are among the most popular gift choices in Mexico, providing an affordable yet substantial option for various occasions. Medium-value cards are widely used during seasonal gift-giving events like Día del Niño (Children’s Day) and Día de la Amistad (Friendship Day), where family and friends can share meaningful gifts without excessive spending. Brands such as Coppel, Walmart, and Amazon see high demand for medium-value gift cards, as they allow consumers to purchase a variety of goods, from household items to apparel, making them suitable for a broad audience. Low-value gift cards, generally valued below MXN 500, serve as smaller tokens of appreciation, popular as thank-you gifts or as part of employee appreciation programs. These low-value cards are also commonly offered in loyalty programs and promotional campaigns, encouraging repeat purchases at smaller retail stores and food chains, further boosting customer engagement and brand recall.

In Mexico, retail establishments and corporate institutions are the primary end users of gift cards, with each segment utilizing them strategically to drive consumer engagement and enhance brand loyalty. Retailers in Mexico employ gift cards to attract and retain customers, especially during peak shopping seasons and holiday promotions. Closed-loop cards issued by major department stores and popular retail chains help secure customer loyalty, as recipients are encouraged to return and make additional purchases. The rise of e-commerce in Mexico has also contributed to the popularity of digital gift cards, allowing consumers to redeem their cards online, particularly important for brands targeting tech-savvy younger shoppers who prefer online shopping convenience. Open-loop cards, meanwhile, offer retail versatility, aligning with the growing trend of multi-brand malls and shopping centers in major Mexican cities, where consumers appreciate the flexibility of choosing among several outlets. In the corporate sector, companies in Mexico increasingly recognize the value of gift cards in employee rewards and client relationship management. Corporations frequently distribute high-value gift cards as incentives, particularly in large industries such as manufacturing, IT, and retail, where performance-based recognition is a vital component of workforce management. These cards are often used as end-of-year bonuses, holiday gifts, or rewards for milestone achievements, allowing employees to select their preferred purchases and promoting a sense of personalized appreciation. Additionally, digital gift cards are becoming more prevalent in Mexico’s corporate sphere, aligning with a shift towards remote work and online convenience, offering employees a seamless and flexible reward experience that supports both in-store and online shopping.


Considered in this report
• Geography: Global
• Historic Year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Aspects covered in this report
• Global Gift Card Market with its value and forecast along with its segments
• Region & country wise Gift Card market analysis
• Application wise Gift Card distribution
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Card Types
• Closed -Loop Card
• Open-loop Card

By Price Range
• High
• Medium
• Low

By Sale Channel
• Offline
• Online

By End User
• Retail Establishment
• Corporate Institution

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to agriculture industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.


Considered in this report
• Geography: Global
• Historic Year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Aspects covered in this report
• Global Gift Card Market with its value and forecast along with its segments
• Region & country wise Gift Card market analysis
• Application wise Gift Card distribution
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Card Types
• Closed -Loop Card
• Open-loop Card

By Price Range
• High
• Medium
• Low

By Sale Channel
• Offline
• Online

By End User
• Retail Establishment
• Corporate Institution

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to agriculture industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.