March 29, 2020
Master Recharge API

Master Recharge API Market is Expected to Expand at a CAGR of 4.8% Between 2018 And 2027

During the forecast period, starting from US$ 10.82 billion in 2018, the Master Recharge API market is set to grow with a CAGR of 4.8 per cent.

The Master Recharge API market is driven by the increasing worldwide adoption of smartphones. Smartphone has emerged as the most popular gadget that allows people to connect to entertainment, information, communications services anytime, anywhere. Worldwide, the total number of smartphone users has been projected at around 2 billion, of which 77 per cent of the smartphone frequently uses the Internet on their device. With the increasing adoption of smartphones, the increase in the use of the smartphone payment service was experienced among users because of the convenience and cost-effectiveness of the online payment solution.

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By holding a market share of around 30 per cent, the prepaid mobile recharge services segment dominated the master recharge API market and is a project to follow the trend over the forecast period. Also, DTH recharge services make a significant contribution to market growth. However, bill payment services for electricity and other utilities are expected to gain traction throughout the forecast period. The supporting government initiative to promote the use of digital payment services for government services is the primary factor in supporting market growth. In addition, increasing collaboration activities between service providers and master recharge API developers are projected to increase the market growth.

With a CAGR of over 8 per cent, Asia Pacific’s master recharge API market is projected to grow significantly over the forecast period. The region-wide rapid digitalization is the primary factor that accelerates the adoption of master recharge API services. The large-scale adoption of smartphones and tablets in the region is also a major driver of the growth of the market. In addition, the increasing adoption of the online payment solution continues to inject market growth.

The leading suppliers of the master recharge API market are Crowd Finch, Axis Softech Private Limited, Recharge Handa, Cyrus Technoedge Solutions Pvt. Ltd., Ezetop, Euronet Worldwide, Indian Web Technologies, Jolo, MyRecharge, Pixyrs Softech, and Xtracare IT Solution.

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