Since 2010, 59% of gift cards are now available electronically, up 18 percentage points from four years ago, according to a new Bankrate.com report. Bankrate.com analyzed the terms and conditions of 62 widely held gift cards in October 2014.
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The increase in the availability of electronic gift cards translates into good news for Millennials since they are more than twice as likely to lose traditional plastic gift cards as older adults, with 40% of 18-29 year-olds who admit to losing one. Mobile gift card usage among Millennials is double that of older adults.