New York will allow gift card use for retirement gift cards, according to a report.

The state Board of Elections said Monday that gift cards will be allowed to be issued for up to $100 per year and can be used to purchase up to three items per year.

The state currently requires gift cards be redeemed for goods and services.

New York is one of the first states to allow the use of gift cards for retirement.

Last year, the state passed legislation allowing card holders to use their retirement funds to purchase food, travel, cosmetics and entertainment.

According to the NYS Gift Card Association, gift card holders have used gift cards in the state for $1.5 billion since it became a legal form of payment in 2006.

The organization said the card industry is experiencing an unprecedented surge in demand for cards as Americans begin to retire.

“The trend is clear: More Americans are opting to use gift cards as their primary source of retirement income,” said Andrew Siff, the association’s president and CEO.

“New York, as a major market for gift cards and as one of America’s most active retailers of gift card merchandise, has a lot of work ahead of it to help increase the supply of gift-card purchasers and ensure that everyone is benefiting from the growth of the gift card industry.”