The Crypto Payment Gateway Market is Rapidly Growing at 22.8% CAGR, Says Brandessence Market Research

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Brandessence Market Research And Consulting Private Limited

Feb 15, 2022, 07:15 ET

LONDON, Feb. 15, 2022 /PRNewswire/ -- According to Brandessence Market Research, Global Crypto Payment Gateway Market is expected to grow with the CAGR of 22.8% over the forecast period. Increasing adoption of cryptocurrencies broadly and growing investment in this field are some of the major factors driving the growth of the Global Crypto Payment Gateway Market.

Over the past year, Covid-19 has dramatically accelerated the wave of online fraud. Most businesses are now operating Crypto Payment, at least partly online, providing a perfect landscape for attackers seeking to harvest and exploit valuable data. It is not surprising to learn that identity fraud has had the greatest impact on financial services, followed by professional services. It is understandable that as the number of sensitive information passed online has increased, so has the number of attackers trying to block it. For this, many crypto payments gateway players in the market have offered various facilities to the customers which have received a huge response from the customers in the Covid-19 era. 

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Scope of Crypto Payment Gateway Market Report:

Cryptocurrency Payment Gateway is a dynamic payment processing infrastructure that allows merchants and providers to accept payments across different cryptocurrencies while ensuring security. Using this service, users can transfer money directly from one wallet to another. In addition to their main functions, these payment gateways are responsible for securely distributing the payment's sensitive wallet-related data to the merchant's software. This payment network is commonly used by businesses of all sizes as they search for the most profitable, secure, and fast payment methods. Furthermore, the blockchain ecosystem underscores the crypto payment gateway, which provides record-breaking and transaction transparency. And, the decentralized structure of blockchain eliminates intermediaries such as banks from the payment process, speeds up transactions, and slows down the payment processing process. Finally, the system encourages more people to use digital currencies and adds to the growing popularity of decentralized gateways.

Key Players of Global Crypto Payment Gateway Market Report:

  • Gox
  • Coinbase
  • NOWPayments
  • Blockonomics
  • Coingate
  • Coinsetter
  • BitPay
  • Avalon
  • BitcoinX
  • Nvidia
  • ATI
  • Bitcoin Foundation
  • Spectrocoin
  • CoinPayments

Recent Development:

News: PayCEC Launched Cryptocurrency Payment Gateway and SEPA Transfers Acceptance: On November 12th, 2021; US-based payment gateway provider PayCEC introduced cryptocurrency payment gateway as cryptocurrencies continues to gain popularity globally. The firm said that its payment gateway will be upgraded to accept cryptocurrency transactions, enabling merchants or providers to accept payments in different cryptocurrencies. Additionally, PayCEC was also launching Single Euro Payments Area (SEPA) transfer acceptance to enable faster funds transfers within the Eurozone. The move is expected to enhance payment acquiring process for E-commerce and online businesses through access to digital banking transactions.

BitPay Partners with Wix Enabling Wix Merchants to Accept Crypto Payments: On October 12th, 2021; BitPay, the world's largest provider of blockchain payment services, and Wix is a leading global SaaS platform for creating, managing, and expanding its online presence, and integrates BitPay's Bitcoin and cryptocurrency payment process as a new payment option on the Wix eCommerce platform. BitPay's blockchain payment rail integrates seamlessly with Wix's ecommerce platform, allowing Wix merchants to offer their customers Bitcoin and other cryptocurrency payment options.

Remitano Launched New Crypto Payment Gateway and Offered Special Deals for the First 50 Merchants: On August 27th, 2021; The Remitano Crypto Payment Gateway is a new service that will allow users to pay for goods and services with cryptocurrencies fast and securely. Remitano currently supports crypto payments using 6 different coins: BTC, ETH, USDT, XRP, LTC, and BCH. The service will make it possible for businesses to operate regardless of borders, thanks to blockchain technology. It will provide merchants with the opportunity to expand their businesses to millions of Remitano crypto users and investors across the globe.

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Crypto Payment Gateway Market Dynamics

Increasing adoption of cryptocurrencies broadly is one of the major factors driving the growth of the global crypto payment gateway market. Cryptocurrencies are proliferating and becoming popular across the global. A decade since their dawn with the invention of Bitcoin, the value of all cryptocurrencies reached USD 0.25 trillion. To put that in perspective, there are 1.7 trillion USD and USD 1.4 trillion Euros in circulation today (European Central Bank 2019; U.S. Federal Reserve Board 2019). In November 2019, bitcoin is the world's sixth-largest currency in circulation. The average daily trading of cryptocurrencies has surpassed one percent of trading in foreign exchange markets, the world's largest market by trading volume. Bitcoin transactions and unique accounts alone have grown at nearly 60 percent per annum over the past 5 years. In short, cryptocurrencies are being adopted rapidly and broadly. Also, trading in Bitcoin has increased significantly over the last few years. Young people around the world are investing heavily in this. As a result, Bitcoin's investment is growing exponentially. For instance; Indian crypto exchanges recorded their biggest investment levels ever, not only in terms of the number of investors but also in the sums invested. According to crypto research and intelligence business CREBACO, Indian crypto investments have increased to over USD 10 billion from USD 923 million in April 2020. And, According to Brandessence estimates that as much as 20 percent of the worldwide bitcoin network remains in China. That's the reason, growing adoption of cryptocurrencies is driving the crypto payment gateway market.

Reginal Analysis:

North America is expected to capture the largest share in the global crypto payment gateway market owing to the high popularity of crypto currencies and its rising adoption and presence of key players in this region. Although the government does cash by consumers as well as fact, many developing countries still focus on using digital money. Acceptance of digital cash by consumers as well as retailers drives the growth of the market. And, rising popularity of cryptocurrency mining and the presence of the major players in this region area also fostering the market growth. 

Asia Pacific is expected to witness a fastest growth in the global crypto payment gateway market owing to the increasing number of technological developments and rising acceptance for virtual currency in this region. In addition, rising number of partnerships and collaboration activities among the market players in this region are also fostering the market growth. For instance; in January 2020, Z corporation, Inc. and TaoTao Inc. collaborated with the financial service agency to expand the crypto market by confirming regulatory compliance in the Japanese market. Japan recently accepted a new digital currency exchange during the Covid-19 outbreak. Similarly, In February 2020, India-based crypto exchange CoinDCX partnered with OKEx Digital Asset Exchange to provide OKEx with exposure to the Indian market. This development will open the door to the immense liquidity of Bitcoin for trading applications in one of the fastest-growing economies in the world.  In December 2019, Wirex partnered with i2C on Asia-Pacific blockchain-based payment cards. The payment card enables users to transact in more than 150 digital and traditional currencies, including Bitcoin, British Pound, Australian, and US Dollars, Japanese Yen, and other currencies. It enables users to pay and receive benefits by debit, credit or digital currency.

On Special Requirement Crypto Payment Gateway Market Report is also available for below region:

North America

  • U.S.
  • Canada

Europe

  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Sweden
  • Netherland
  • Turkey
  • Switzerland
  • Belgium
  • Rest of Europe

Asia-Pacific

  • South Korea
  • Japan
  • China
  • India
  • Australia
  • Philippines
  • Singapore
  • Malaysia
  • Thailand
  • Indonesia
  • Rest Of APAC

Latin America

  • Mexico
  • Colombia
  • Brazil
  • Argentina
  • Peru
  • Rest of South America

˙Middle East and Africa

  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest Of MEA

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