0

Bitcoin Payments Market Expected to Reach USD $3788.2 Billion by 2031—Allied Market Research

 
2022
Bitcoin Payments Market

Report Code : A07535

quote The bitcoin payment market is expected to experience significant growth in the coming years, and has a global acceptance owing to provision of security to users over their personal information and financial data in comparison to other fiat currencies and digital form of payments. quote

Aarti Goswami
Research Analyst, BFSI at Allied Market Research

Get 20% Free Customization In This Report
Follow us on Social Media:       
 

According to a new report published by Allied Market Research, titled, “Bitcoin Payments Market  By Keys (Private Keys, Public Keys), By Component (Hardware, Software, Services), By Application (E-Commerce, Retail, Others): Global Opportunity Analysis And Industry Forecast, 2022-2031" The bitcoin payments market was valued at USD $850.55 billion in 2021, and is estimated to reach USD $3788.2 billion by 2031, growing at a CAGR of 16.3% from 2022 to 2031.

Bitcoin is considered more secure than credit and debit card payments. This is because it does not need third-party verification. When a customer pays with a cryptocurrency payment, their data is not stored in a centralized hub where data breaches commonly occur. Moreover, merchants are responsible for paying transaction fees, as well as setup fees for many payment processors. PayPal, for instance, charges close to 4% per transaction. However, Bitcoin transactions charges much lower fees, if any. Some Bitcoin exchanges offer fees under 1%. Likewise, if a business serves customers overseas, bitcoin can help avoid international currency payment fees. This is because bitcoins are not tied to a country of origin or national bank. As a result, businesses do not wait for payments to clear a foreign bank or pay the costs. Therefore, these are some of the major bitcoin payments market trends.

Furthermore, major market players are undertaking various strategies to increase the competition and offer enhanced services to their customers for the bitcoin payments market growth. For instance, on April 2022, Crypto lender Nexo partnered with global payments company Mastercard to launch the world's first "crypto-backed" payment card. The payment card, available in selected European countries initially, allows users to spend without having to sell their digital assets such as bitcoin, which are used as collateral to back the credit granted. Moreover, the card is linked to a Nexo-provided, crypto-backed credit line and can be used at 92 million merchants worldwide where Mastercard is accepted, allowing investors to spend up to 90% of the fiat value of their crypto assets. In addition, the card requires no minimum repayments, monthly, or inactivity fees. There are no FX fees for up to 20,000 euros per month. Therefore, these strategies are projected to drive the growth of the bitcoin payments industry.

On the basis of application, the E-commerce segment is the highest growing segment. This is attributed to the fact that payment process in the e-commerce industry for vendors is a complicated process, involving multiple steps such as confirmation of delivery, generation of physical bill by suppliers for exchange, and submission of transport & invoice documents to affiliated banks for payment. In addition, these e-commerce industries are the first industries to adopt bitcoin payment and this sector has already exposed numerous real-world applications to record transactions in a blockchain system.

By region, Asia-Pacific attained the highest growth in 2021 for the bitcoin payments market size. This is attributed to the rise in demand for blockchain across a variety of cross-border payments and wallets for digital identification systems. In addition, other important drivers include the quick development of maintaining transaction records, verifying certificates, and linking bar codes with digital codes, as well as government initiatives and support to simplify documentation processes, cut bureaucracy, and boost government efficiency in the region.   

COVID-19 had a moderate impact on the market due to the fluctuation of Bitcoin prices which has destabilize the entire Bitcoin ecosystem. Moreover, increasing concerns about banks’ & financial institutions ability to tackle the new market challenges in the form of revenue pressure, low profitability, tighter regulation, increasing competition, and new digital entrants are major challenging factors to the bitcoin payment market during the pandemic situation.

Key Findings of the Study

  • By keys, the private keys segment led the bitcoin payments market in terms of revenue in 2021.
  • By component, the hardware segment accounted for the highest bitcoin payments market share in 2021.
  • By region, Asia-Pacific generated the highest revenue in 2021.

The key players profiled in the bitcoin payments market analysis are B2BinPay, Binance, Bitpay, Circle Internet Financial Limited, Coingate, Coinpayments, Inc., CoinsPaid, Moon Pay Limited, OpenNode, Paxful, Inc., Paypal, Spectro Finance OU, Utrust, VeriFone, Inc., ZebPay, CONFIRMO, and Plisio, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

Need More Information

pr-det-talk Talk to David (Europe)

pr-det-talk Talk to Sona Padman (Americas)

5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States

pr-det-phone Toll Free: +1-800-792-5285

pr-det-phone UK: +44-845-528-1300

pr-det-phone Hong Kong: +852-301-84916

pr-det-phone India (Pune): +91 2066346060

pr-det-phone Fax: +1(855) 550-5975

pr-det-phone help@alliedmarketresearch.com

 

For Media Inquiries, Please Contact

Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at
media@alliedmarketresearch.com

Looking for Customization?

 Customization Request

Have a Question?

 Speak with Analyst

Any Confusion?

 Inquire Before Buying

Have a glance of the Report

  Request Free Sample
 
 

First time buyer?
Check offers and discount on this report
To get this report

Click Here
 
 

quote Bitcoin Payments Market by Keys (Private Keys, Public Keys), by Component (Hardware, Software, Services), by Application (E-commerce, Retail, Others): Global Opportunity Analysis and Industry Forecast, 2022-2031 quote

View Report
 
 

Avenue: Entire Library membership of Allied Market Research Reports at your disposal

  • Avenue is an innovative subscription-based online report database.
  • Avail an online access to the entire library of syndicated reports on more than 2,000 niche industries and company profiles on more than 12,000 firms across 11 domains.
  • A cost-effective model tailored for entrepreneurs, investors, and students & researchers at universities.
  • Request customizations, suggest new reports, and avail analyst support as per your requirements.
  • Get an access to the library of reports at any time from any device and anywhere.

 
 

WHY ALLIED MARKET RESEARCH?

INFLALLIBLE METHODOLOGY

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

ANALYST SUPPORT

For complete satisfaction

CUSTOMIZATION

On-demand customization of scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save time of readers

 

Featured Readings

 
rep-img

Published Date Nov 2024

Plush Toy Market

Download Sample

Buy Full Version
"Bitcoin Payments Market"
Purchase Enquiry

Get fresh content delivered

Get insights on topics that are crucial for your business. Stay abreast of your interest areas.

Get Industry Data Alerts

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of the scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save the time of readers