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IN THE NEWSFebruary 2020- Euronet Worldwide announced that it will provide integration and content aggregation services to Amazon India through its REV Payments Cloud for adding mobile recharges, gift cards, bill payments and other offerings.
The global master recharge API market is estimated to garner a large amount of revenue and grow at a CAGR of ~5% over the forecast period, i.e., 2022 – 2030. The growth of the market can be primarily attributed to the growing proliferation of smartphone users across the world, and increasing adoption of online payment techniques. In 2020, more than 6 billion people used smartphones around the world, up from approximately 5.5 billion and 5 billion people in the years 2019 and 2018 respectively.
Along with these, rise in penetration of internet services, and upsurge in trend of using more than one smartphone or multi-SIM connections among population globally are also expected to drive market growth in the upcoming years. Furthermore, governments are highly emphasizing on digital payments, especially in developing nations. Coupled with the rapid expansion of service networks by merchants for last-mile connectivity, these factors are projected to offer profitable opportunities to the market in the near future.
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The market is segmented by recharge type into prepaid mobile recharge, postpaid mobile recharge, data card, DTH, electricity, insurance, and others, out of which, the prepaid mobile recharge segment is anticipated to hold the largest share in the global master recharge API market. This can be largely accounted to the increasing penetration of smartphones around the world. In addition to this, ease of mobile recharge, 24x7 availability and multiple payment options are also assessed to boost the growth of the market segment in the future. Moreover, on the basis of portal type, the mobile recharge segment is evaluated to acquire the largest share during the forecast period owing to the rising presence of telecom service providers, which is predicted to lead to a surge in the number of distributors, retailers, label companies and API integrators worldwide.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
On the basis of geographical analysis, the global master recharge API market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of the rise in number of projects associated with digitalization and growing government initiatives to use master recharge APIs, particularly in developing countries. Additionally, the market in North America is assessed to acquire the most significant share by the end of 2030, which can be credited to the early adoption of technology, and high usage of digital wallets and other smartphone-based payment interfaces in the region. For instance, more than 45 percent of the population aged 24-39 years in the United States used digital wallets in 2020, followed by almost 44 percent of the people belonging to the age group of 18–23-year-olds. Apart from these, strong presence of several payment providers is also projected to accelerated North America’s market growth in the coming years.
The global master recharge API market is further classified on the basis of region as follows:
Our in-depth analysis of the global master recharge API market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are growing proliferation of smartphone users globally and increasing adoption of online payment techniques.
The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2022 – 2030.
Dearth of awareness about master recharge API in lower economic regions is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the rise in number of initiatives associated with digitalization and growing government initiatives to use master recharge APIs.
The major players in the market are Axis Softech Pvt Ltd., Crowdfinch Cybernetics Private Limited, Euronet Worldwide, Inc., Indian Web Technologies Pvt. Ltd., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by recharge type, portal type, and by region.
The prepaid mobile recharge segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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