With the growth of mobile technology, consumers are embracing virtual gift cards delivered to their email inbox or mobile phone via text message now more than ever. In fact, Affinion Loyalty Group (ALG), found when given a choice between a physical gift card and a virtual one for a particular brand, nearly 61 percent of consumers chose the virtual option, according to press release.

In another survey of loyalty program participants, ALG found that more than 76 percent of respondents would choose delivery of the virtual gift card as an email. Only a small fraction of the population would opt for delivery of the card as a text message to their mobile phone. More than 66 percent of respondents ranked virtual gift cards as easy to use when redeeming them at their selected merchants.

"Virtual gift cards is a burgeoning market within loyalty programs and beyond. And, the virtual boom is predicted to continue, Mike McDonnell, vice president of product management and client solutions at ALG.

Virtual gift cards are forecasted to reach $8 billion in 2013 and $11 billion in 2014, according to TowerGroup.

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