Increasing Fund Transfer in Developing Countries is the major Factor driving the Crypto ATM Market
As stated in our extensive report, providing insights on products and procedures the Global Crypto ATM Market accounted for USD 74.2Million in 2021.
Cryptocurrency is the alternative form of payment to cash, credit cards, and checks. In cryptocurrency, the customer directly sends money without interaction with the bank. Crypto ATM is the ATM from which individuals can transfer cryptocurrency easily through an ATM machine. For purchasing cryptocurrency through the crypto ATM, the individual must go through KYC, input the address of the crypto wallet to make a deposit into, insert the order money through the crypto ATM, and finally confirm the transaction. The crypto ATM auto-generates receipts for every transaction. These receipts contain public and private keys in the form of QR codes for security purposes.
Transaction volumes are expected to continue to grow in 2022 with developing countries such as China and India as growth engines. The average global value of card purchases has been slowly declining.
With the onset of COVID-19, there has been a huge shift towards digitalization. Quicker and safe transactions are carried out using cryptocurrency techniques during this pandemic, thus boosting the demand for the market. Thus pandemic has made huge advancements and developments in the market. These are a few of the factors that benefited the Crypto ATM Market in the COVID-19 pandemic.
Crypto ATM has expanded its reach to a large variety of consumers. The increase in the number of transactions over the years as well as their value along a common slope suggests that not only is the frequency of ATM usage increasing, but consumers are also using this system for small value transactions.
Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) in the coming years owing to the high demand for Crypto ATMs. Countries such as U.S. & Canada are considered to be the most developed countries in the field of finance technology. These are a few of the reasons is expected to grow in the coming years.
Developing economies like India, China, and the Middle East are expected to gain huge opportunities in adopting crypto ATMs for payments. North America held the largest share of the Crypto ATM Market in 2021, followed by Europe and the Asia Pacific. In major parts of the world, the market is still growing owing to insufficient funds, lack of awareness, minimum availability of R&D facilities, underdeveloped IT infrastructure, and social constraints.
Major players of the Global Crypto ATM Market such as GENERAL BYTES s.r.o., Genesis Coin Inc., Lamassu Industries AG, Covault, Bitaccess Inc., Coinme, Coinsource, Coin ATM Radar, Orderbob, Cryptomat.
Browse the full Report - Crypto Atm Market Size, Share & Trends Analysis Report by Type (One Way, Two Way), by Offering (Hardware, Software), by Coin Type (Bitcoin, Dogecoin, Ethereum, Litecoin), by Application (Commercial Spaces, Restaurants & Other Hospitality Spaces, Transportation Hubs, Standalone Units), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)