Valve has confirmed that physical Steam gift cards will be discontinued once existing inventory is sold out, a process the company expects to be completed by the end of 2026. While physical cards will no longer be produced, digital Steam gift cards sold directly through the platform will remain available. Existing physical cards already in circulation will continue to be accepted and redeemed without any changes.

According to Valve, the decision was driven by the increasing use of gift cards in scams targeting consumers around the world. Criminals frequently convince victims—particularly older adults and other vulnerable individuals—to purchase gift cards and share the redemption codes. Once the codes are transferred, the funds can be difficult to trace or recover, making gift cards a common tool for fraud and money-laundering schemes.

In a statement explaining the move, Valve noted that it has spent years implementing measures designed to reduce abuse. Since introducing Steam gift cards in retail stores in 2012 and launching a digital gift card program in 2017, the company has worked with retailers and law enforcement agencies, added prominent scam warnings to cards, restricted redemption options, limited card availability in certain situations, and removed cards from sale when suspicious activity was detected.

Despite these efforts, Valve says scammers have continually adapted to new restrictions. The company concluded that the problem remains significant enough to justify ending the retail gift card program altogether.
Digital gift cards will continue to be offered because they are generally less vulnerable to this type of fraud. Since they are sold directly through Steam and linked to specific user accounts, Valve has greater control over transactions and can implement additional safeguards when necessary.

The decision marks a notable shift in Valve’s approach to gift card distribution and reflects a broader industry effort to combat financial scams. Some observers believe other gaming companies may eventually adopt similar policies if fraud involving physical gift cards continues to be a widespread issue.
For now, Steam users can still purchase and redeem physical cards while supplies last, with digital alternatives remaining available for the foreseeable future.

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