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Global Crypto Payment Gateway Market Analysis by Type, Application, crypto currency type, End-User, Region and segments forecast till 2033
Market Overview
The global Crypto Payment Gateway market is presently worth USD 193.66 million and is expected to expand with a CAGR of 22.0% over 2023-2033, thereby amassing a valuation of USD 588.2 million by end of the forecast period.
Report Scope
Report Attributes | Description |
Market Forecast in 2022 | USD 193.66 million |
Market Forecast in 2033 | USD 388.2 million |
CAGR % 2023-2033 | 13.0% |
Base Year | 2022 |
Historic Data | 2020-2021 |
Forecast Period | 2023-2033 |
Report USP | Product, end-user industry, company share, company heatmap, company Capacity Technology Product capacity, growth factors and more |
Key Companies | Coinbase, Paypal, Coingate, Coinsetter, BitPay, Avalon, BitcoinX, Nvidia, ATI, Bitcoin Foundation, Spectrocoin, CoinPayments, and Blockonomics |
Global Crypto Payment Gateway Market- Description
Cryptocurrency Payment Gateway is defined as a dynamic payment processing infrastructure that has allowed merchants and providers to accept payments across different cryptocurrencies, while they ensure security. With the use of this service, users can transfer money directly from one wallet to another. Additionally, these payment gateways are responsible for securely distributing the payments sensitive wallet-related data to the merchants software. The crypto payment network is commonly used by businesses of all sizes as they search for the most profitable, secure, and fast payment methods.
Cryptocurrency payment gateways are usually defined as transaction facilitators between merchants and customers. Certain factors that includes, rising digital or online frauds, government initiatives to promote cryptocurrency among others have boosted the market growth over the forecast period. Amidst the pandemic, the major market players that have been operating in the cryptocurrency payment gateway market has taken the pandemic as an opportunity to adopt various strategies to inform people regarding cryptocurrency. Furthermore, the major market players employed social media platforms to gain traction, as the online activities of every individual doubled during the COVID-19 era.
Global Crypto Payment Gateway Market- Key Market Tends
Rising online or digital frauds have boosted the market
One of the major factor that has boosted the market growth over the forecast period is the rising online or digital frauds. Also, the government initiatives in order to promote cryptocurrency among others have also fueled the market growth over the forecast period. This has made crypto a great success and opened paths for the market in the near future.
Lack of awareness among emerging economies
The major restrain to the market growth is the lack of awareness about cryptocurrency among emerging economies over the forecast period. This has acted as a major hindrance to the market growth because the emerging economies are not aware about the crypto payment gateway, which, in turn, does not help the market to grow in the coming future.
Global Crypto Payment Gateway Market- Segmental Analysis
Based on Type
Web-based
Mobile-based
Hybrid
The web-based segment has dominated the market growth over the forecast period. This is because of the high rise in demand of crypto payment gateway because of web-based type over the forecast period.
Based on Application
iGaming
Online Entertainment Projects
E-stores
Others
The iGaming segment has dominated the market growth over the forecast period. This is because of rising millennial population and also the rapid internet penetration over the forecast period.
Based on crypto currency type
Bitcoin
Ethereum
Tether
Binance Coin
Others
Bitcoin has dominated the market growth over the forecast period. This is because it is considered as the most preferable type of crypto currency over the forecast period in the crypto payment gateway market.
Based on End-User
SMEs
Large Enterprises
The SMEs segment has dominated the market growth over the forecast period. This is because small and medium enterprises have a large revenue in the market over the forecast period.
Global Crypto Payment Gateway Market- Geographical analysis
The Global Crypto Payment Gateway Market is segmented into 4 main regions namely, North America, Europe, Asia Pacific, and Middle east and Africa. Among these, Asia Pacific has dominated the market growth over the forecast period. This is because of growing awareness among people about crypto investment, government initiatives, and the expansion of major market players in the region.
Global Crypto Payment Gateway Market: Recent Developments
In May 2021, BitPay announced that it had partnered with Mastercard to launch a crypto debit card that allows users to spend their crypto at any merchant that accepts Mastercard. This partnership was aimed at making it easier for people to use their crypto for everyday purchases.
In April 2021, Coinbase announced that it had gone public through a direct listing on the Nasdaq stock exchange. This move was a milestone for the crypto industry, as it was the first major crypto exchange to go public in the United States.
In March 2021, Binance announced that it had launched its own blockchain, called Binance Smart Chain, which is designed to support decentralized applications (dApps) and provide a more scalable and low-cost alternative to the Ethereum blockchain.
In November 2020, PayPal announced that it would allow its customers to buy, hold, and sell cryptocurrencies directly from their PayPal accounts. This move was aimed at making it easier for people to access and use cryptocurrencies.
In October 2020, Square announced that it had invested USD 50 million in Bitcoin, which represented about 1% of its total assets at the time. This move was seen as a vote of confidence in the long-term potential of Bitcoin and cryptocurrencies in general.
Global Crypto Payment Gateway Market: Key Companies
Coinbase
Paypal
Coingate
Coinsetter
BitPay
Avalon
BitcoinX
Nvidia
ATI
Bitcoin Foundation
Spectrocoin
CoinPayments
Blockonomics
Others
Global Crypto Payment Gateway Market: Regional Scope
North America
U.S.
Canada
Mexico
Europe
U.K.
Germany
France
Italy
Spain
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Australia
Rest of Asia Pacific
South America
Brazil
Argentina
Rest of South America
Middle East and Africa
Saudi Arabia
UAE
Egypt
South Africa
Rest of Middle East and Africa
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