According to a new report published by Allied Market Research, titled, “Crypto Payment Gateway Market,” The crypto payment gateway market was valued at $1 billion in 2021, and is estimated to reach $5.4 billion by 2031, growing at a CAGR of 18.7% from 2022 to 2031.
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One of the major shifts in the present monetary system has been brought about by the advent of cryptocurrencies. Bitcoin was the first and most well-known cryptocurrency, and since then, numerous others have appeared. The crypto payment gateway industry, payments on blockchains, and blockchain processing are all changing quickly and steadily. The potential advantages of this paradigm shift for companies accepting cryptocurrencies are significant. Further, the crypto payment gateway market network is commonly used by companies of all sizes when they are searching for the best, safest, and quickest payment methods. The cryptocurrency payment gateway is a standout component of the blockchain ecosystem because it provides transaction transparency and lightning-fast speeds. Additionally, because banks and other middlemen are not involved in the payment process, blockchain’s decentralized structure speeds up transactions while slowing down the payment processing system. This factors majorly contributes towards the growth of crypto payment gateway market.
Furthermore, increasing introduction of new products by key players is expected to boost the crypto payment gateway market growth. For instance, on March 4th, 2021, cryptocurrency exchange company Bitfinex launched Bitfinex Pay, a cryptocurrency payment gateway. With this new product, online merchants can accept payments in various cryptocurrencies. It made cross-border transactions easier in particular.
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By end user, the business segment acquired a major share. This is attributed to the fact that number of businesses all around the world are adopting bitcoin and other digital assets for a variety of transactional, operational, and investment needs. In addition, businesses are rapidly adopting crypto payments owing to surge in security concerns to protect an enormous amount of corporate data and the rise in incidences of crimes committed during payment processes.
Region wise, Asia-Pacific dominated the market in 2021 owing to crypto payment gateway market trends in the region. This was attributed to the downfall in the usage of cash and acceptance of mobile payments. Further, huge population adopting digital payments is one of the major factors for the growth of the crypto payment gateway market in the region.
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The pandemic had a positive impact on crypto payment gateway market as there was a surge in adoption of the payment gateway owing to rise in awareness among people. In addition, the growing technological advancements in crypto payment gateway for automation of various activities has fueled the growth of the market. Furthermore, the digital shift during the pandemic has benefited the growth of crypto payment gateway market.
KEY FINDINGS OF THE STUDY
By application, the iGaming segment accounted for the highest crypto payment gateway market share, in terms of revenue in 2021.
By operating system, the iOS segment is expected to exhibit the fastest growth rate during the forecast period in crypto payment gateway market.
Region wise, Asia-Pacific generated the highest revenue of crypto payment gateway market size in 2021.
The key players operating in the crypto payment gateway market analysis include Apirone OÜ, Binance, BitPay, Circle Internet Financial Limited, Coinbase, Coinomi, Coinremitter, Cryptopay Ltd., NVIDIA Corporation, and SecuX Technology Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the crypto payment gateway market.
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