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:
According to our primary respondents’ research, the Cryptocurrency Payment Apps market is predicted to grow at a CAGR of roughly 13.4% during the forecast period.
The Cryptocurrency Payment Apps market was estimated to be worth roughly USD 98.4 Million in 2021 and is expected to reach USD 209.2 Million by 2028; based on primary research.
On the basis of region, Asia Pacific is projected to dominate the worldwide Cryptocurrency Payment Apps market.
Market Dynamics:
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:
Cryptocurrency Type
Bitcoin
Ethereum
Electroneum
Litecoin
DAI
Ripple
Other Cryptocurrency Types
Payment Type
In-Store Payment
Online Payment
Other Payment Types
End User
Individuals