Cryptocurrency Payment Apps Market Size, Share & Trend Analysis Report By Cryptocurrency Type, By Payment Type, By Operating System, By End User, By Region, And Segment Forecasts, 2022 - 2030

Report Overview

The global cryptocurrency payment apps market size was valued at USD 545.4 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 16.6% from 2022 to 2030. The emergence of Web3 and blockchain technology created the need for cryptocurrency payment apps to enable individuals to conduct seamless transactions. These systems are integrated with blockchain technology, enabling users to transact across regions with enhanced security. In addition, cryptocurrency transaction payment apps charge lower fees than traditional payment systems. These are some of the major factors that are driving the market of crypto payment apps market.

The growing adoption of cryptocurrencies globally is the key driver for the market's expansion. People are encouraged to use cryptocurrency payment platforms owing to the decentralized nature of the blockchain, which eliminates mediators like banks from the payment processing system. It reduces the processing time and accelerates the transaction speed, consequently adding up to the increasing popularity of such platforms. In addition, the growing prevalence of cryptocurrencies as an investment option among millennials is also fueling the market's growth.

The introduction of cryptocurrency payment options by the traditional payment gateways providers is also emerging as one of the major factors driving the growth of the market. For instance, in December 2021, PayCEC, a payment gateway provider based in the U.S., announced the launch of a cryptocurrency payment gateway. The company will upgrade the payment gateway to accept cryptocurrencies allowing the users to transact in various cryptocurrencies. It also enables fast transactions as compared to conventional banks.

The continual developments and innovations to enhance the consumer’s experience in the blockchain space are expected to create a positive outlook for the market. For instance, a wallet for cryptocurrencies, Valora, made its debut in February 2021. It constitutes a way for cryptocurrency P2P service that allows users to transfer crypto payments to anyone with a mobile phone number. It facilitates moving funds across the world with the ease of texting.

However, a lack of awareness about the benefits offered by cryptocurrency payment apps is expected to restrain the growth of the market over the forecast period. In addition, the lack of trust among the users as no centralized regulator is authenticating this transaction is one of the major obstacles to the market’s growth. However, the significant efforts taken by some of the market players are anticipated to establish market growth. For instance, in August 2022, Revolut introduced cryptocurrency services in Singapore. Revolut customers can buy, sell and hold crypto in the app, and it also offers P2P payments, among other features.

COVID-19 Impact Analysis

The outbreak of COVID-19 is expected to have a positive impact on market growth. There has been a surge in online fraud and identity theft since the outbreak. The growing prevalence of digitalization has given a landscape for fraudsters to exploit the data. Several crypto transaction gateways provide various features to prevent such frauds, consequently attracting consumers and fueling the market’s growth.

Cryptocurrency Type Insights

The bitcoin segment dominated the market in 2021 and accounted for more than 39.0% of the global revenue. The dominance is attributable to bitcoin being the pioneer of the industry. Additionally, it guarantees uncompromised security of the payment systems owing to the proof-of-work mechanism ensured by the users of the decentralized bitcoin network. Bitcoin as a blockchain-based currency needs volunteers to sign hashes that use cryptography to verify transactions over the bitcoin network. This method ensures that transactions are typically irreversible; as a result, bitcoin has high data security driving the segment’s growth.

The Ethereum segment is anticipated to witness significant growth during the forecast period. The major factor of growth is that Ethereum paved the way for Non-Fungible Tokens (NFTs) and laid the foundation for the digital asset revolution. It was the earliest smart-contract-enabled network. Additionally, it has become considerably easier to define ownership and control transferability of NFTs due to smart contracts, which is expected to create further opportunities for the market.

Payment Type Insights

The in-store payment segment dominated the market in 2021 and accounted for more than 67.0% of the global revenue. The demand for digital payment methods is prevailing owing to digitalization and acceptance of contactless payments. Cryptocurrency payment apps provide a platform to transact in cryptocurrencies, and retailers can accept payments just by installing a QR code or NFC terminal in the POS. Moreover, the transaction fees are comparably lesser than the traditional payment platform, which is estimated to attract more consumers to opt for cryptocurrency payment apps.

The online payment segment is expected to register the fastest growth during the forecast period. One of the major reasons for the segment’s growth is the rising prevalence of e-commerce platforms. Moreover, the recognition of cryptocurrencies and technology globally is driving the segment growth. In addition, the ease of performing transactions across borders is also prospering the growth.

Operating System Insights

The android segment dominated the market in 2021 and accounted for a share of more than 56.0% of the global revenue. The dominance is emphasized by the easy availability and affordability of android-based smartphones. Consequently, the market players are more inclined toward developing platforms for android-based operating systems. For instance, Solana, a blockchain company based in New York announced a launch of an android mobile phone named Saga. It is specially designed for people who indulge in crypto-wallets, NFTs, and Web3 frequently.

The iOS segment is expected to witness significant growth during the forecast period. Apple launched its new Apple Pay feature named Tap to Pay in February 2022, allowing millions of retailers throughout the United States to utilize their iPhones to collect payments easily, quickly, and securely by tapping their phones. Tap to Pay, can also be utilized for cryptocurrency transactions. Such development is anticipated to create a positive outlook for the segment.

End User Insights

The businesses segment dominated the market in 2021 and accounted for a share of over 66.0% of the global revenue. The dominance is attributed to the larger size of the cryptocurrency transactions made using cryptocurrency payment apps. For instance, in January 2022, Tesla, a U.S.-based automotive company announced that it would accept cryptocurrencies such as bitcoin as a mode of payment. Tesla is a premium electric automobile manufacturer the transaction amount per purchase amounts way more than an average individual’s annual income.

The individual segment is anticipated to witness significant growth over the forecast period. The growing preference and rapid adoption of digital payment methods are fueling the segment’s growth. In addition, the social media campaigns to promote the utilization of cryptocurrencies as an investment alternative is also propelling the growth of the segment. Moreover, cryptocurrencies can be kept in a physical wallet or in a digital wallet that you can access from a computer, a phone, or another device, which makes them a reliable alternative for fiat currencies.

Regional Insights

North America dominated the market in 2021 and accounted for a share of over 32.0% of the global revenue. The presence of several prominent players in the region stimulates market growth. In addition, the collaborative efforts that have been taken by some of the market players toward the acceptance of cryptocurrency payments is expected to create further opportunities for regional growth. For instance, in April 2022, Strike announced its partnership with e-commerce platform Shopify to enable bitcoin payments through the lightning network. The collaboration aimed at eliminating the complexities while holding bitcoin that merchants face by converting bitcoin payments to USD instantly.

Asia Pacific is expected to witness the fastest growth during the forecast period. The growth is attributable to the rapid technological advancements and growing acceptance of digital currency across the region. The efforts being pursued by several organizations across Asia Pacific to promote the use of cryptocurrency payment apps are also expected to contribute to the growth of the segment. Additionally, an increase in alliances and cooperative efforts among the industry participants in this region is promoting market expansion.

Key Companies & Market Share Insights

The market can be characterized by the presence of several key market players. Incumbents of the market are adopting various strategies, such as new product launches, and strategic partnerships, among others, to enhance their offerings. For instance, in October 2021, the largest blockchain payment service provider BitPay partnered with Wix, a prominent SaaS platform globally for incorporating the cryptocurrency payment process of Bitpay as a payment option on the eCommerce platform of Wix. It will allow Wix merchants to provide crypto payment options to their customers.

Market players are investing aggressively to offer enhanced products and services. For instance, in August 2021, A new service called The Remitano Crypto Payment Gateway enables consumers to pay for goods and services using cryptocurrencies quickly and securely. The service will allow companies to function without regard to national boundaries. It will give retailers the chance to reach out to millions of Remitano cryptocurrency users and investors around the world. Some of the prominent players in the cryptocurrency payment apps market are:

• Coinbase

• BitPay.

• Coinomi

• Paytomat

• Apirone OÜ 

• SecuX Technology Inc.

• Circle Internet Financial Limited

• Binance

• CoinJar UK Limited

• Cryptopay Ltd.

Cryptocurrency Payment Apps Market Report Scope

Global Cryptocurrency Payment Apps Market Segmentation

The report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the cryptocurrency payment apps market based on cryptocurrency type, payment type, operating system, end user, and region.

• Cryptocurrency Type Outlook (Revenue, USD Million, 2017 - 2030)

  • Bitcoin

  • Ethereum

  • Litecoin

  • DAI

  • Ripple

  • Others

• Payment Type Outlook (Revenue, USD Million, 2017 - 2030)

  • In-store Payment

  • Online Payment

• Operating System Outlook (Revenue, USD Million, 2017 - 2030)

  • Android

  • iOS

  • Others

• End User Outlook (Revenue, USD Million, 2017 - 2030)

  • Individuals

  • Businesses

• Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

    • France

    • Nordic Countries

  • Asia Pacific

    • India

    • Japan

    • South Korea

    • Australia

  • Latin America

    • Brazil