Monday, June 24, 2024

Recharge.com accelerates growth for digital gift card services as European market expected to reach $64 billion this year

European branded payments company Recharge.com today announced its key role in accelerating growth across new markets in Europe, due to reach $64 billion in 2023.

Recharge.com has observed a steady growth in customer demand thanks to its innovative global marketplace for prepaid payments and an increased consumer focus on personal budgeting.  The company 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 $84 billion in 2027.

“Europe is an exciting region for digital prepaid payments and 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, providing a one stop shop for branded payments. Recharge.com built on the successful launch with the recent addition of a simplified Chinese version of their website, giving over one billion Chinese speakers around the world the chance to shop for branded prepaid payments and continuing the European fintech’s global expansion.

The global digital gift card market is expected to reach $724.3 billion by 2028, as stated in a report by KBV Research, which also highlighted the importance of cutting-edge services in this market growth. Recharge.com is already seizing this opportunity, enabling retailers in 180 countries to build loyalty with their customers and reach new demographics with digital gift card services.

Recharge.com is key for consumers as they navigate the current cost of living squeeze, as they can utilise digital gift cards to enjoy a product or service without exceeding a certain budget. This is thanks to the nature of prepaid digital cards where they are supplied with only a fixed balance, enabling consumers to set a hard cap on their spending.

Vogelpoel added that “digital gift cards and prepaid cards are becoming a key tool for consumers across the globe, enabling better budgeting on gifts, subscriptions and everyday purchases.”

Recharge.com, a Dutch payments firm founded in 2010 which specialises in the distribution of digital gift and prepaid cards, launched a global one-stop shop for branded payments in October 2022. The platform’s digital gift cards support 750 brands in 180 countries, including Apple, Google and Spotify. The fast-growing fintech is already one of the world’s leading payments distributors with annual revenues of over 500 million euros, and with the positive European and global outlook for innovative prepaid payments, Recharge.com is set to seize a large share of the global market.

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