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.
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.
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.
Global Crypto Payment gateway market is segmented into type, application, and region & country level. Based on type, the crypto payment gateway market is segmented into web based and mobile based and hybrid. Based on application, the crypto payment gateway market is segmented into iGaming, online entertainment projects, e-Stores and others.
The regions covered in this Crypto Payment Gateway market report are North America, Europe, Asia-Pacific, and Rest of the World. Based on country level, market of global Crypto Payment Gateway is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, Southeast Asia, GCC, Africa, etc.
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.
The growing innovations in the crypto payment gateway market as well as the rising investments being made by players are also fostering the market growth. 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 November 2019, SecuX launched the crypto POS payment ecosystem as a complement to the hardware wallet. This enables users to pay using the app either on a vending machine or through a physical store. 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. Thus, the number of such developments among the major players drives the growth of the market. In addition, the Central Bank of the Philippines approved 16 cryptocurrency exchanges. This kind of market movement has created a great impetus for the market.
However, lack of awareness in the developing and underdeveloped economies may hamper the market growth. In spite of that, increasing advancements in this field may create more opportunities for the further growth of the market.
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.
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.
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.
Bitfinex Launched Cryptocurrency Payment Gateway for Merchants
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 should make cross-border transactions easier in particular.
|2016 - 2021
|2022 - 2029
|Market Size in 2021:
|USD 18.20 Billion
|Base year considered
|Forecast Period CAGR %:
|Market Size Expected in 2028:
|USD 91.97 Billion
|Tables, Charts & Figures:
|Crypto Payment Gateway Companies
|By Type, By Application
|North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa
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