Recharge.com, the branded payments company, has observed a steady growth in customer demand for prepaid payments and an increased consumer focus on personal budgeting. As a result, it plans to play a key role in accelerating the payments market’s growth in Europe. A market which is estimated to reach $64billion by 2023.
Recharge.com has attracted 3.3 million global customers for its prepaid cards and raked in over 215 million visits to its marketplace over the past 12 months. A substantial increase from last year. Nearly 120 million gift cards are purchased annually and demand continues to rise, due to the ongoing cost of living crisis, high inflation and the need to manage expenses.
The company’s continued growth is referenced in a recent report by ResearchAndMarkets.com titled the Europe Gift Card and Incentive Card Market Intelligence Databook 2023. According to its findings, Europe’s market for these services will reach $84billion in 2027. “Europe is an exciting region for digital prepaid payments. We look forward to continuing to partner with brands across the continent to expand their customer reach,” said Günther Vogelpoel, CEO of Recharge.com.
The promising market growth report follows Recharge.com’s launch of a global marketplace in October last year. It provides a one stop shop for branded payments. Following this, Recharge.com built on the successful launch with the recent addition of a simplified Chinese version of its website. It gives over one billion Chinese speakers around the world the chance to shop for branded prepaid payments. All the while it continues the European fintech’s global expansion.
Capitalising on a booming market
The global digital gift card market is expected to reach $724.3billion by 2028, as stated in a report by KBV Research. The report also highlighted the importance of cutting-edge services in this market growth. In light of this, Recharge.com is enabling retailers in 180 countries to build loyalty with their customers. Not only that, but also reach new demographics with digital gift card services.
As consumers navigate the current cost of living squeeze, digital gift cards are proving their worth. This is thanks to the nature of prepaid digital cards where they are supplied with only a fixed balance. In turn, consumers can set a hard cap on their spending.
Vogelpoel added: “digital gift cards and prepaid cards are becoming a key tool for consumers across the globe. They enable better budgeting on gifts, subscriptions and everyday purchases.”