Indonesia Gift Card Business Report 2026: A $3.68 Billion Market by 2030 Featuring Indomaret, Alfamart, Carrefour, Matahari Dept. Store, Alfa Midi, Erafone, Hypermart, Super Indo, Gramedia, Hero

Key market opportunities in Indonesia's gift card sector include shifting from gifting occasions to everyday digital value usage, converting gift cards into wallet-linked credits for versatility, standardizing corporate e-vouchers for employee rewards, and enhancing trust controls to mitigate fraud. Strategic alliances are crucial with the competitive landscape focusing on closed-loop ecosystems and multi-merchant networks.

Dublin, March 03, 2026 (GLOBE NEWSWIRE) -- The "Indonesia Gift Card Business and Investment Opportunities Databook - 90+ KPIs on Gift Card Market Size, Retail & Corporate Spend, Competitive Landscape, and Consumer Demographics - Q1 2026 Update" report has been added to ResearchAndMarkets.com's offering.

The Gift Card market in Indonesia is expected to grow by 9.7% on annual basis to reach US$2.60 billion in 2026. The gift card market in the country has experienced robust growth during 2021-2025, achieving a CAGR of 10.4%. This upward trajectory is expected to continue, with the market forecast to grow at a CAGR of 9.1% from 2026-2030. By the end of 2030, the Gift Card sector is projected to expand from its 2025 value of USD 2.37 billion to approximately USD 3.68 billion.

Converge around "voucher-as-a-capability": More banks, merchant platforms, and POS providers are likely to integrate voucher rails as a feature, increasing competition for the role of the underlying voucher orchestrator (catalog, settlement, fraud controls). Polarize into two winning models: closed-loop ecosystem credits (wallet/account balance) and multi-merchant voucher networks. Mid-tier players will need partnerships to access either the acceptance scale or the distribution.

Current State of the Market

• Compete on "where value sits" (platform balance vs multi-merchant voucher): Indonesia's gift card market is split between ecosystem credits that live inside large consumer platforms (e.g., Tokopedia gift cards converting into GoPay Coins) and multi-brand voucher aggregators that sell cross-merchant value and manage redemption across many outlets.
• Escalate distribution battles through embedded channels: Rather than relying only on standalone voucher apps, players are pushing gift cards/vouchers into high-frequency digital entry points, marketplace checkouts, bank apps, and merchant POS flows, raising competitive intensity around placement and conversion.

Key Players and New Entrants

• Defend closed-loop ecosystems with wallet-linked credit: GoTo's Tokopedia and GoPay Coins construct keeps value in an account-linked, spendable form across everyday use cases, supporting repeat spend and reducing reliance on single-use codes.
• Scale multi-merchant voucher networks and B2B reward rails: Ultra Voucher (Ultra Corp) plays the "one-to-many merchant" role, selling vouchers across categories and increasingly positioning itself as an integration layer for partners that want voucher capability without building it in-house.
• Strengthen category specialists and vertical issuers: Traveloka's gift voucher product reflects travel-led gifting and prepaid travel spend as a distinct competitive lane alongside retail/general-purpose vouchers.

Shift gift cards from "gifting moments" to everyday digital value for virtual goods

• In Indonesia, gift cards and vouchers are increasingly positioned as everyday stored-value for buying digital/virtual goods (e.g., mobile top-ups, streaming vouchers, in-app purchases) rather than solely for seasonal gifting. A clear signal is Bukalapak's decision to stop selling physical goods and refocus on virtual products such as mobile phone credits and streaming vouchers, reinforcing vouchers as a core commerce category.
• Competitive pressure in Indonesian e-commerce is pushing platforms to defend engagement and margins by offering high-frequency virtual categories that align with mobile-first purchasing behavior and simplify fulfillment. Virtual goods also keep spend "inside the platform," supporting retention and repeat usage.
• Expect gift cards/vouchers to become more embedded in routine digital consumption (subscriptions, gaming, telco, utilities) and less tied to gifting occasions. Platforms will likely expand voucher catalogs and build more recurring purchase mechanics (bundles, reminders, account credits), increasing competitive intensity around distribution and redemption experience.

Convert gift cards into an account-linked wallet credit that can be spent broadly

• Gift cards are increasingly designed to land as wallet/account credit rather than remain as single-use codes. In practice, consumers top up ecosystems like GoPay/GoPay Coins and use that balance across services and merchants, including in Tokopedia and other everyday journeys. Recent local coverage continues to educate users on how GoPay Coins are used across Tokopedia and Gojek flows, reflecting how "gifted value" behaves like an account balance.
• Indonesia's payments environment is shaped by interoperable digital payments (notably QRIS), which makes wallet-based spending more habitual. Public reporting notes QRIS scale and ongoing adoption momentum, supporting the shift from "voucher redemption" to "wallet usage."
• Wallet-linked gift value should become the default format for large consumer platforms, because it supports partial redemption, repeat spend, and easier customer service than anonymous vouchers. This will push issuers to improve balance visibility, controls, and reconciliation, while smaller, standalone gift-card sellers may need to partner with major wallets/PSPs to remain relevant.

Industrialize corporate gifting by standardizing e-vouchers for employee and partner rewards

• Corporate use cases are becoming more structured: companies are using digital gift cards/e-vouchers as a repeatable tool for employee recognition, sales incentives, and partner rewards, often via multi-merchant voucher platforms. In Indonesia, Ultra Voucher's recent product content explicitly frames gift cards as configurable instruments for employee/partner programs, indicating how "corporate rewards" is being packaged as a workflow rather than ad-hoc gifting.
• Hybrid workforces and distributed teams make physical distribution less practical, while e-vouchers are easier to deliver through digital channels. At the same time, retailers benefit from prepaid value entering their ecosystems via corporate bulk purchases, improving demand predictability.
• Corporate demand is likely to intensify and become more procurement-led (preferred platforms, standardized denominations, audit trails). Expect more integrations into HR/expense/engagement tools and tighter controls (issuance tracking, user authentication, expiry governance) as programs scale across large Indonesian employers.

Tighten trust controls as scams and account compromise reshape how prepaid value is issued and redeemed

• Gift cards sit within the broader prepaid/digital-value layer, which is increasingly affected by fraud and social engineering. Indonesia's regulators have elevated anti-scam and consumer protection messaging, which indirectly raises expectations on how digital value products (including vouchers and stored value) are secured, distributed, and supported.
• OJK and cross-agency efforts have explicitly framed scam prevention as an ecosystem priority, signaling stricter expectations for industry controls, user education, and complaint handling across digital financial services.
• Expect stronger friction where it matters: more verification for gifting/transfer-like flows, more real-time alerts, and tighter limits or step-up authentication for high-risk voucher actions (bulk buying, rapid redemptions, unusual device/location patterns). Providers that can demonstrate safer issuance and clearer dispute paths will be better positioned with enterprise buyers and large platforms.

Companies Featured

• Indomaret
• Alfamart
• Transmart Carrefour
• Matahari Dept. Store
• Alfa Midi
• Erafone
• Hypermart
• Super Indo
• Gramedia
• Hero

For more information about this report visit https://www.researchandmarkets.com/r/ufh0yt

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• Indonesian Gift Card Market

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