Mobile phones are quite common, not only in urban areas but also in rural areas. In 2020 India is expected to see the growth of 14 million units of smartphones, CLSA stated in its report. The subscription growth rate on a monthly basis is 55% for urban segments and 45% for rural segments. Given this context, it is possible to consider the mobile phone as an economically viable instrument for various verticals.
These factors have become instrumental in boosting the growth of the Indian mobile payment market. The digital payments industry has been on a rapid growth streak as India is gradually moving to a less cash-dependent state. However, there are a number of challenges that the industry faces and needs to overcome.
Recharge Payments In Other Industries
This business of recharges is not restricted to mobile operators but to all DTH giants like TATA Sky, BIG TV, DISH TV, Videocon D2H, SUN Direct DTH, and Airtel DTH. With the boost of digital India move, people can also pay their utility bills, credit cards, travel ticket booking and can do money remittance with the help of online portals.
The Current State Of Mobile Recharge Payments In India
- 98% mobile telephony market in India is prepaid.
- Mobile phones are recharged by 15-20 million people every day.
- Internet penetration is increasing by 5% which opens up a huge opportunity for online transactions such as recharge.
- Apart from Paytm, there are other online stores like Flipkart, ShopClues, banks own apps and the operatorâ€™s own apps that provide robust recharge services.
Future Of Online Recharge & Payments In India
- Technology will make it extremely easy to make transactions online.
- The percentage of merchants accepting digital payment will rise up by 10 times by 2020.
- Online payments will drive more consumption and users will be fulfilling their needs by paying for every single penny via online channels.
- The high competition will be beneficial for customers as they will get more offers and coupon codes to make cheap payments.
Recharge & Payments Business In India
The opportunities and the strong future of recharge business discussed above is definitely an eye-opener for all those who are planning to make big from the mobile boom in India. Startups are the buzzword in India and it becomes more interesting when this idea is backed up with technology. So, here is the Espay guide that will help you start your own portal for recharge business in India:
First of all, you need to find an organization that has a neat and clean approach to API development and technology that helps you provide robust services in the market. While selecting a company:
- Ensure that they provide recharge white label development or API integration for at least 5 years in the market.
- Check if they have any certification that establishes authority for these organizations. For eg: ISO 9001:2008.
Next, you will have to decide which kind of services should you avail from these recharge solution providers:
- You will have to decide whether you need to go with recharge API orÂ white label recharge platform solutions.
- For API, you need to develop a portal of your own and get the API integrated into your platform to get started with your business
- On the other hand, a white label is a ready-made portal/ website of your brand name and Itâ€™ll come within your budget. You can start marketing just after getting the white label.
Espay offers a range of APIs, including,
- Mobile Recharge API
- DTH Recharge API
- Data Card Recharge API
For detailed information of our products and services check out https://www.espay.in