Japan-based Amaten, a digital gift card marketplace, has announced plans to expand its brand across the world, starting with Dubai.
The company aims to create a 'win-win' situation for both consumers and merchants, as the gift card market generated profits worth USD 617 billion since 2019, The Fintech Times reports. By 2027, it is expected to reach USD 2.7 trillion, as demand for going cashless is accelerating during the COVID-19 era.
The company's success across Japan comes from the transformation it brought to the digital gift card industry in the country. Amaten is engineering their digital gift cards with blockchain integration. It is taking the gift card and putting on a smart contract, making it truly digital. This provides an advantage for merchants and consumers from a security point of view, as they will be able to trace gift cards, making sure they are not compromised.
Amaten plans to allow merchants to also issue gift cards.
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