Cryptocurrency Payment Apps Market to Reach Valuation of USD 209.2 Million by 2028 – Rising Demand for Transparency in the Payment System Drives the Market

Vantage Market Research

Jul 12, 2022

In terms of revenue, the Global Cryptocurrency Payment Apps Market is expected to reach USD 209.2 Million by 2028, growing at a Compound Annual Growth Rate (CAGR) of 13.4% from 2022 to 2028.

The rising demand for transparency in the payment system along with the growing shift toward digital payments is anticipated to augment the growth of the market during the forecast period.

Key Highlights from Report:

  • The online segment held a significant share in 2021. This is attributable to the increasing penetration of the internet across the globe. Further, the growing adoption of smart mobiles and rising demand for mobile payment transactions are also expected to support the segmental growth of the market.

  • The bitcoin segment is projected to grow at a Significant Compound Annual Growth Rate (CAGR) during the forecast period. Bitcoin is one of the most popular digital currencies, and it will continue to hold that position over the future years, according to a report released by Deutsche Bank AG in 2017.

  • The large enterprise size segment is projected to grow at a considerable Compound Annual Growth Rate (CAGR) during the forecast period. To enable their consumers to make purchases while keeping a social distance, large retail businesses are increasingly looking for digital payment options. Retailers employ digital payment options including e-wallets, point-of-sale systems, and smart banking cards to speed up the checkout.

  • Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) during the forecast period. This is attributable to the rising technological improvements and approval of virtual currency for various platforms in economies such as Japan and Taiwan. Furthermore, the increased strategic partnerships and collaborations by key players in developing countries are also anticipated to support the regional growth of the market.

Market Dynamics:

The increasing adoption of digital currencies is anticipated to augment the growth of the Cryptocurrency Payment Apps Market in the years to come. In the years to come, the industry is anticipated to be driven by the rising popularity of virtual or digital currencies like Bitcoin, Lite coins, Ethers, and many more. The simple and adaptable transactional technique provided by digital currency is likely to be adopted by people in industrialized nations. The central bank decided to promote digital currency as a result of virtual currency's appeal as a means of exchange. For the digital currency programs across many industrialized countries, the central bank has patented Central Bank Digital Currency (CBDC) activity provisions.

The Eastern Caribbean Central Bank and the People's Bank of China both support CBDC in its decision to use digital cash as an exchange medium. The Bank of Thailand and the Central Bank of Uruguay are two examples of institutions using the toolkit in their evaluation processes for CBDC. Digital currency is being offered by several businesses, including Facebook, Inc. For instance, Facebook, Inc. introduced a virtual currency called Libra in June 2019. Customers will be able to use Libra to make purchases, send money to others, and cash it out at grocery stores or online. Organizations can gain from shifting digital currency prices and fortifying their digital assets.

North America held the largest shares in 2021. The US held the largest share in North America for the Cryptocurrency Payment Apps Market. As the majority of the area considered bitcoin as a tax-related medium of trade rather than a form of money. Many wealthy nations continue to prioritize using digital money, even though the government does not have any legal restrictions on it. The market is expanding as a result of consumers' and merchants' acceptance of digital money. Additionally, the market in the region is dominated by the prevalence of bitcoin mining and the presence of most of the key firms.