Credit card rewards are a big one. I can use my double cash to get 2% back from the PS store...but I can get the code from best buy, get a $10 pre-order bonus (when available), get my 6% rewards on my best buy card, and the purchase counts towards the total spent needed to be elite plus each year. In that respect it makes no sense to buy it directly from Sony/Microsoft.
Gifting, much easier to buy a card from a store and give to whomever the gift is for rather than emailing them a code or needing to print out the email with details.
Parents buying for kids...can get them digital if they prefer, but don't need to put a card on the PSN account for the purchase.
More sales opportunities...someone is in Best Buy, Walmart, etc...stop through the games section, see a game they'd might want...but eh I'd still rather buy digitally for the convenience. Oh they have it right here as a code, cool.
People who want digital games but prefer to not pay with a card or whatever...there still are plenty of people in this world who are scared to make purchases online.
Edit - and a big one...preorder from psn, you are locked into that purchase forever even before the game releases. Pre-order digital from best buy, I have up until they email me the code at the time of release to cancel. And it isn't charged right away, only charged once they complete the purchase and send the code.
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