The cryptocurrency has been mainly used for different types of applications, which includes remittance, payment as well as trading. The applications are also responsible for driving the global cryptocurrency payment apps market over the forecast period. The cryptocurrency payment apps help the users to complete the transaction quicker and streamline the processes, thus aiding the end users to save time and efforts. A large number of companies in the global cryptocurrency payment apps market have been investing in the process of developing payment gateways and apps for the payment process of the currencies.
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The use of cryptocurrency for making payments across the end users have been continuously increasing. Most of the enterprises are using cryptocurrency for making their payments and this need has been responsible for driving the growth of global cryptocurrency payment apps market. However, there are a lot of concerns from the end users related to the proper functioning of the cryptocurrency payments apps and the consumers are always a little concerned before making any of their payments from the apps, which is one of the main restraints in the global cryptocurrency payment apps market.
Several of the cryptocurrencies are now being integrated within the cryptocurrency payment apps, which is being considered as the main opportunity contributing towards growth of the global cryptocurrency payment apps market. For instance, Bitwala, which is a cryptocurrency flagship in Germany, allows the mobile apps users to open a bank account with an integrated bitcoin wallet along with the options of trading on their smartphones. Bitwala is now enabling its customers to buy, sell and store their bitcoin in more than 30 countries in the continent of Europe. During the novel coronavirus pandemic, the use of the cryptocurrency payment apps has been dramatically increased as most of the offline modes of the payments have been stopped because of the prevalent movement restrictions. Therefore, the growth of the global cryptocurrency payment apps market during the corona virus pandemic has not been largely affected.
The global cryptocurrency payment apps market accounted for US$ 340.35 Mn in 2020, and is expected to grow at a CAGR of 27.7% during the forecast years (2021-2029).
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The detailed study has been providing the quantitative and qualitative analysis of the global cryptocurrency payment apps market. The global cryptocurrency payment apps market has been analyzed from the side of both demand and supply. The demand side is covering the market revenue across the regions of the world, and the supply side analysis covers the main competitors and their global presence and also their strategies. The geographical analysis of the research study is done across the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
Key Finds of the Report:
- Bitcoin captured prominent share in the global cryptocurrency payments apps market.
- The small, medium and large enterprises are estimated to have the fastest growing market share over the forecast period in the global cryptocurrency payment apps market.
- Asia-Pacific countries including China are intensively investing towards digital payment systems, which indicated significant growth opportunities for global cryptocurrency payment apps market over the forecast period.
- The investment made by the banking institutions towards payment gateways have been one of the key drivers in the growth of the global crypto currency payment apps market.
- Some of the major companies in the global cryptocurrency payment apps market are Binance, BitPay Inc., Bitwala GmbH (Nuri), Circle Interned Financial Limited, Coinbase, CoinJar UK Limited, COINOMI, Coinpayments Inc., Coinsbank, Crypto.com, Cryptopay Ltd, Electroneum Ltd, Mobile Inc, PayPal, Inc. (Venmo).
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Global Cryptocurrency Payment Apps Market:
- By Cryptocurrency Type
- Bitcoin
- Ethereum
- Litecoin
- DAI
- Ripple
- Bitcoin Cash
- Others
- By Payment Type
- In-Store Payment
- Online Payment
- By End Users
- Individuals
- Businesses
- Small and Medium Enterprises
- Large Enterprises
- By Operating System
- Android
- iOS
- Others
- By Region:
- North America
- U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- North America
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