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Cryptocurrency Payment Apps Market is Dazzling Worldwide, Set to Surge with a Compound Annual Growth Rate (CAGR) of 33.8% by 2030
[Seoul, South Korea] – March 15, 2023 – A recent research report by Global Market Insights has revealed that the Cryptocurrency Payment Apps Market is on the verge of unprecedented growth, expected to expand exponentially over the next 8 years, driven by the increasing adoption of cryptocurrency globally.
According to the report, the market value of Cryptocurrency Payment Apps is projected to reach an impressive USD 14.2 billion by 2030, rising from an estimated USD 1.5 billion in 2023. The market growth can be attributed to the rising demand for secure and decentralized payment systems, facilitated by the widespread adoption of digital currencies.
Trends and Growth Drivers:
- Adoption of Digital Currencies: The growing popularity of cryptocurrencies such as Bitcoin, Ethereum, and others has driven the demand for reliable and secure payment apps that facilitate transactions in these currencies.
- Ease of Use: The emergence of user-friendly payment apps that simplify the process of converting fiat currencies to digital currencies has boosted adoption and popularity.
- Government Support: Governments across the globe are increasingly recognizing the benefits of digital currencies and providing regulatory frameworks to foster their growth.
- Increased Global Trade: The rise of e-commerce and global trade has necessitated the development of fast and secure payment systems, making cryptocurrency payment apps more essential.
Regional Growth Projections:
The report highlights Asia Pacific as the largest market for Cryptocurrency Payment Apps, followed closely by North America. Europe, Latin America, and the Middle East Africa are also expected to show significant growth, driven by increasing adoption of digital currencies and government support.
Market Share and Competitive Analysis:
The report notes that the Cryptocurrency Payment Apps Market is highly competitive, with established players like BitPay, Coinbase, and PayPal leading the market. New entrants such as Square, Robinhood, and Kraken are also gaining traction, expected to disrupt the market.
Key Market Players:
- BitPay
- Coinbase
- PayPal
- Square
- Robinhood
- Kraken
- Blockstream
- Ripple
- Simplex
- Transcend Finance
Takeaways:
- The Cryptocurrency Payment Apps Market is expected to expand exponentially, driven by growing demand for secure and decentralized payment systems.
- Government support and adoption of digital currencies are key growth drivers.
- Asia Pacific and North America are expected to dominate the market, while Europe, Latin America, and the Middle East Africa will show significant growth.
- The market is highly competitive, with established players leading the charge.
Stay tuned for further updates and analysis on the Cryptocurrency Payment Apps Market. Don’t miss this opportunity to get ahead of the curve!
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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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The global cryptocurrency payment apps market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East & Africa, and Latin America). The market can be analyzed for a particular region or country level as per the requirement. The North America is anticipated to grow at the fastest rate duing the forecast period. Owing to the presence of several prominent players in the region stimulates market growth. These market players are adopting various strategies, such as new product launches, and strategic partnerships, among others, to enhance their offerings. For instance, in January 2021, Coinbase Global, Inc., acquired blockchain infrastructure platform, Bison Trails. The acquisition will enable Bison Trails to accelerate its mission to provide easy-to-use blockchain infrastructure that strengthens the entire crypto ecosystem.
full report of Cryptocurrency Payment Apps Market available @ https://www.omrglobal.com/industry-reports/cryptocurrency-payment-apps-market
· Market Coverage
· Market number available for – 2024-2031
· Base year- 2024
· Forecast period- 2024-2031
· Segment Covered- By Source, By Product Type, By Applications
· Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
· Inc., 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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Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services. The company also offer Digital Marketing services through its subsidiary OMR Digital and Software development and Consulting Services through another subsidiary Encanto Technologies.
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