The size of the global crypto payment apps industry is to expectedly reach USD 2.15B by 2030. During the next eight years, an increase of up to 16.6% CAGR will take place, as per the report issued by Grand View Research. Inc. after conducting a study on the matter. The study took into account the companies like Cryptopay Ltd., CoinJar UK Limited, Binance, Circle Internet Financial Limited, SecuX TechnologyInc., Apirone OU, Paytomat, Coinomi, BitPay, and Coinbase.
Report on Worldwide Crypto Payment Industry Shows Promising Indications for the Time up Till 2030
The report mentions that blockchain technology’s enhanced adoption would potentially lead the market growth. It is noted in the report that the entities providing crypto-payment apps are paying great attention to offering improved payment solutions in addition to contributing to the overall market upsurge. Apart from that, they target giving more convenience to crypto consumers.
For example, in June this year, Coincoinx (a crypto exchange) launched a service called Coinpago, letting clients make payments in Venezuela with no requirement to exchange their crypto assets for fiat currency. The respective service will likely allow consumers to make purchases with cryptocurrency at any store across the country. The expanding crypto adoption to substitute conventional currencies will potentially drive market expansion during the next years.
For example, in August this year, Gucci – by its BitPay integration – turns into the top industry player to embrace payments through ApeCoin. As a result, clients within the United States will be permitted to purchase items from the platform’s stores via ApeCoin by using the payment infrastructure of BitPay. As the forecasted period unfolds, the outbreak of COVID-19 will expectedly play a significant role in the market’s growth through crypto payment-related applications, according to the report.
Bitcoin to Reportedly Remain a Dominating Crypto Due to Its Vast Use Cases for Payments
The increased demand for digitalization as well as the escalating fame of non-physical payments will also pave the way toward the latest opportunities to grow the market. Moreover, the popularity of the rapid and flexible ways for physical payment will also heighten the expansion of the market.
Another prominent point made by the report is that the top crypto token Bitcoin will likely dominate the industry till 2030. The report asserts that this will probably be due to its overwhelming use as a medium for payments in return for services and products.
