Global Crypto Payment Gateway Market is valued at USD 18.20 Billion in 2021 and expected to reach USD 91.97 Billion by 2028 with a CAGR of 22.45% over the forecast period.

Scope of Global Crypto Payment Gateway Market

A cryptocurrency payment gateway is a platform that enables merchants and service providers to accept payments in various cryptocurrencies while ensuring security. With this service, users can transfer funds directly from one wallet to another. These payment gateways not only facilitate payment processing, but also securely transmit sensitive wallet information to the merchant's software. They are widely used by businesses of all sizes as they seek out efficient, secure, and profitable payment methods.

The cryptocurrency payment gateway is built on a blockchain system, which provides transparent record-keeping and transactions. The decentralized structure of blockchain removes intermediaries like banks from the payment process, resulting in faster transactions and a streamlined payment process. As a result, more people are encouraged to use digital currencies and decentralized payment gateways, contributing to their growing popularity.

Covid-19 Impact

The Covid-19 pandemic has led to a surge in online fraud, as many businesses have shifted to operating partially or fully online. This provides a breeding ground for attackers looking to gather and exploit sensitive data. Identity fraud has had the greatest impact on financial services and professional services. As more sensitive information is transmitted online, the number of attackers attempting to access it has also increased.


Crypto Payment Gateway Market Dynamics

The adoption of cryptocurrencies is a major factor driving the growth of the global crypto payment gateway market. Cryptocurrencies have gained widespread popularity and their value has reached USD 0.25 trillion. Bitcoin, the most well-known cryptocurrency, is now the sixth-largest currency in circulation, with daily trading surpassing 1% of foreign exchange markets. In the last five years, bitcoin transactions and unique accounts have grown at nearly 60% per year. The increasing adoption of cryptocurrencies, particularly among younger people, has led to a significant growth in bitcoin investments. For example, Indian crypto exchanges have seen record levels of investment, both in terms of the number of investors and the sums invested. It is estimated that as much as 20% of the worldwide bitcoin network is in China. The growing adoption of cryptocurrencies is driving the growth of the crypto payment gateway market.

Market Division

The global cryptocurrency payment gateway market can be segmented by type (web-based, mobile-based, and hybrid), application (iGaming, online entertainment projects, e-Stores, and others), and region (North America, Europe, Asia-Pacific, and rest of the world). At the country level, the market is further divided into the US, Mexico, Canada, the UK, France, Germany, Italy, China, Japan, India, Southeast Asia, GCC, Africa, and other regions.


Crypto Payment Gateway Market Regional 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. PayPal, for example, is an American-based company operating in an online payment system. Entered the cryptocurrency market on October 21st, 2020. and announced that customers will be able to buy and sell cryptocurrency and other virtual currencies using their PayPal accounts.

The Asia Pacific region is expected to experience the fastest growth in the global crypto payment gateway market due to the increasing number of technological developments and the rising acceptance of virtual currencies in the region. The market is also being driven by the increasing number of partnerships and collaboration activities among market players. For example, in January 2020, Z Corporation and TaoTao partnered with a financial service agency to expand the crypto market in Japan by ensuring regulatory compliance. In February 2020, Indian crypto exchange CoinDCX partnered with OKEx Digital Asset Exchange to provide OKEx with access to the Indian market. In December 2019, Wirex partnered with i2C to offer blockchain-based payment cards in the Asia Pacific region, allowing users to transact in over 150 digital and traditional currencies, including Bitcoin, British Pound, Australian and US dollars, Japanese yen, and others. The payment card allows users to pay and receive benefits by debit, credit, or digital currency.

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