July 14, 2022 05:53 ET | Source: Vantage Market Research Vantage Market Research
WASHINGTON, July 14, 2022 (GLOBE NEWSWIRE) — Vantage Market Research’s recent analysis of the Global Cryptocurrency Payment Apps Market finds that the increasing need for transparency in the payment system is expediting market growth. In addition, the rising preference for digital payments worldwide and the increase in government initiatives are anticipated to augment the growth of the Global Cryptocurrency Payment Apps Market during the forecast period.
The Global Cryptocurrency Payment Apps Market revenue is expected to reach a value USD 209.2 Million in the year 2028.
The Global Market revenue stood at a value USD 98.4 Million in the year 2021 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 13.4% during the forecast period; states Vantage Market Research, in a report, titled “Cryptocurrency Payment Apps Market Size, Share & Trends Analysis Report by Cryptocurrency Type (Bitcoin, Ethereum, Electroneum, Litecoin, DAI, Ripple, Other Cryptocurrency Types), by Payment Type (In-Store Payment, Online Payment, Other Payment Types), by End User (Individuals, Small & Medium Enterprises, Large Enterprises), by Region (North America, Europe, Asia Pacific, Latin America) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)”.
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Key Insights & Findings from the Report:
Increasing Need for Transparency in the Payment System to Stimulate the Market
The increasing need for transparency in the payment system is expected to fuel the growth of the Cryptocurrency Payment Apps Market during the forecast period. Because of better data transparency and independence across payments in banks, financial services, insurance, and other business sectors, the market is likely to grow rapidly in the years to come. The usage of cryptocurrency in the banking industry has several advantages, including the ability to send and transparently receive payments and the secure storage of customer information for future use. PayPal, for example, is an American corporation that specializes in online payment systems. On October 21, 2020, it entered the cryptocurrency and announced that consumers would be able to purchase and sell Bitcoin and other virtual currencies using their PayPal accounts. In addition, on February 10, 2021, Master card announced the world’s first CBDC-linked Card in collaboration with Island Pay. As a result, the market’s growth is fuelled by several similar advances among the top competitors.
Growing Preference for Digital Payments to Augment Market Growth
The growing preference for digital payments worldwide is anticipated to augment the growth of the Cryptocurrency Payment Apps Market within the estimated period. Due to the growing popularity of digital payments around the world, several venture capital firms are focusing their investments on bitcoin payment software developers. For example, Ramp Swaps Ltd announced in October 2021 that it had raised USD 30 million in Series funding for the development of its Software Development Kit (SDK) and Application Programming Interface (API), which could allow crypto buying in any application. Maker, Fabric Ventures S.à r.l., and First minute Capital Seed camp, participated in the fundraising round, which was led by Balder ton Capital (UK) LLP. However, the high implementation cost along with a lack of awareness of cryptocurrency among the people in developing economies is expected to hamper the market growth. Moreover, the rising demand for cryptocurrency payment methods among banks and financial institutions, as well as untapped potential in new markets are likely to provide attractive growth opportunities during the forecast period.
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Segmentation of the Global Cryptocurrency Payment Apps Market:
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the IT industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
The Report on Cryptocurrency Payment Apps Market Highlights:
Browse market data Tables and Figures spread through 142 Pages and in-depth TOC on “Cryptocurrency Payment Apps Market Size, Share & Trends Analysis Report by Cryptocurrency Type (Bitcoin, Ethereum, Electroneum, Litecoin, DAI, Ripple, Other Cryptocurrency Types), by Payment Type (In-Store Payment, Online Payment, Other Payment Types), by End User (Individuals, Small & Medium Enterprises, Large Enterprises), by Region (North America, Europe, Asia Pacific, Latin America) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)“.
Asia Pacific to Witness Fastest Growth in the Global Cryptocurrency Payment Apps Market
Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) and is likely to continue the same trend during the forecast period. This is attributable to the increase in the number of Bitcoin exchanges across the region. Further, the rising government initiative to use the technology is also anticipated to augment the regional growth of the market. Additionally, the rise in demand for remittances in emerging economies is also likely to support the growth of the market in the region.
List of Prominent Players in the Cryptocurrency Payment Apps Market:
March 2022: Basqet announced the launch of its cryptocurrency payments gateway which will allow businesses to accept Bitcoin and another cryptocurrency as payment.
October 2020: PayPal Holdings, Inc. announced the launch of a new service enabling its customers to buy, hold and sell cryptocurrency directly from their PayPal account, and signaled its plans to significantly increase cryptocurrency utility by making it available as a funding source for purchases at its 26 million merchants worldwide.
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