According to a new market research report published by Acute Market Reports “Global Master Recharge API Market (Services (Data Card, DTH, Electricity, Insurance, Postpaid Mobile Recharge, Prepaid Mobile Recharge, Others)) – Growth, Future Prospects and Competitive Analysis, 2023 - 2030”, the master recharge API market is set to grow with a CAGR of 4.8% during the forecast period, started from US$ 12.37 bn in 2021.

Market Insights

The master recharge API market is driven by the growing adoption of the smartphones across the globe. Smartphone has emerged as the most common gadget across the peoples that enable them to connect to entertainment, information, communication services anytime and anywhere. The total number of the smartphone users worldwide was estimated to be around 2 billion, out of which 77% of the smartphone uses internet frequently on their device. With the growing adoption of the smartphones, surge in the use of the payment service on the smartphone has been witnessed among the users due to the convenience and cost effectiveness of the online payment solution.

The prepaid mobile recharge services segment dominated the master recharge API market by holding a market share of around 30% and is project to follow the trend during the forecast period. The DTH recharge services also contribute significantly towards the growth of the market. However, the electricity and other utility services bill payment services are anticipated to gain traction during the forecast period. The supportive government initiative by the government to promote the use of digital payment services for the government services is the primary factor backing the growth of the market. Moreover, the rising collaboration activities between the service providers and the master recharge API developers are estimated to boost the market growth.             

Asia Pacific's master recharge API market is projected to grow extensively over the forecast period with a CAGR of over 8%. The rapid digitalization across the region is the primary factor accelerating the adoption of the master recharge API services. The large scale adoption of the smartphone and tablets in the region is also serving as a major driver for the growth of the market. Moreover, the rising adoption of the online payment solution is further injecting the growth in the market.     

The prominent vendors 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, LBS Software, Jolo, MyRecharge, Pointersoft Technologies, Pixyrs Softech, and Xtracare IT Solution.

Browse the full report at https://www.acutemarketreports.com/report/master-recharge-api-market

The Global Master Recharge API Market is Segmented into:

*Complete segmentation list is on report page