Cryptocurrency payment apps market is anticipated to grow at a significant CAGR of 15.7% during the forecast period. The growing adoption of cryptocurrencies across the globe is the key driver for the Cryptocurrency Payment Apps market expansion. People are encouraged to use cryptocurrency payment platforms owing to various advantages such as the decentralized nature of the blockchain, which eliminates mediators like banks from the payment processing system, accelerates the transaction speed and reduces the processing time and others. According to World Economic Forum data of 2021, Cryptocurrency use is on the rise, with 33% of Nigerians either using or owning cryptocurrency. Nigerians also often use their phones to send money to each other or to pay in shops. Recently, businesses in the country have been adding crypto plugins to their phone payment options, adding another way in which Nigerians can use cryptocurrency in their everyday lives. Furthermore, in El Salvador country has made Bitcoin a legal tender in the country through the Bitcoin Law, which was passed on 8 June 2021 and became the first country in the world to make it legal tender. The adoption of Bitcoin would make it easier for Salvadorans living abroad to send remittances to their relatives in the country. The use of bitcoin would also make digital transactions more accessible to underbanked people in El Salvador. Hence these factors are boosting the demand for Cryptocurrency Payment Apps market.
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Among the type segment, the Bitcoin sub-segment is anticipated to grow at the fastest rate during the forecast period. The primary factor attributable to the segmental growth includes the various benefits such as bitcoin is decentralized, censorship resistant, fast and easy to use, no risk of charge-backs, provides anonymity. It also guarantees uncompromised security of the payment systems owing to the proof-of-work mechanism ensured by the users of the decentralized bitcoin network.
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Cryptocurrency Payment Apps Market Report Segment
By Cryptocurrency Type
- Bitcoin
- Ethereum
- Litecoin
- DAI
- Ripple
- Others
By Payment Type
- In-Store Payment
- Online Payment
By End-User
- Individuals
- Businesses
Global Cryptocurrency Payment Apps Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global cryptocurrency payment apps market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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