Crypto Payment Gateway Market: Global Market Growth by Products, End Users & Region Forecast 2023 – 2029

Crypto Payment Gateway Market expected to hit USD 4.12 Bn by 2029 from USD 1.19 Bn. in 2021 at a CAGR of 16.8% during the forecast period
Crypto Payment Gateway Market Overview
Crypto Payment Gateway Market is a service that allows merchants and enterprises to accept payments in cryptocurrencies. These gateways work as intermediaries between merchant and customer which uses blockchain technology. Cryptocurrency works on blockchain technology. Decentralization is the base of blockchain. Decentralization means breaking the monopoly, on account of it big market players in the financial sector such as banks, which are not in favor of the Crypto Payment Gateway Market.

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Research Methodology
The Crypto Payment Gateway Market report provides analysis through segments such as type, application, operating system and end-user along with their multiple sub-segments. The Crypto Payment Gateway Market report involves mergers and acquisitions by major key companies in the market. The Crypto Payment Gateway Market report includes information regarding growth hubs, market share, investment feasibility and competitive landscape. The bottom-up approach is used to estimate the size of the Crypto Payment Gateway Market by value. The Crypto Payment Gateway Market report includes the market scope in top geographic regions such as North America, Asia Pacific, Middle East and Africa, Europe and South America. The Crypto Payment Gateway Market data has been collected through primary and secondary research methods. Collected data later analysed by tools such as SWOT, PESTLE and PORTER’s five force model.
Crypto Payment Gateway Market Dynamics
Drivers:

Crypto Payment Gateway Market is well known for its advantages in the financial sector such as the elimination of intermediaries such as lawyers, brokers and bankers. The Crypto Payment Gateway Market report states that flaws in the banking system are expected to become opportunities for Crypto Payment Gateway Market. The benefits such as no limits on transactions, reduced transaction time, no additional cost and direct transfer of money from one wallet to another have been creating interest regarding the use of Crypto Payment Gateway.

The flaws in the banking system are expected to become growth drivers for Crypto Payment Gateway Market. The low banking penetration area in developing economies is a lucrative opportunity for Crypto Payment Gateway Market. Financial services and transactions are mostly on target of attackers and banks lack the technology that Crypto Payment Gateway has.

Crypto Payment Gateway offers more than just payment options and helps businesses to grow. Adopting Crypto Payment Gateway in business resulted in an increase in sales. Crypto Payment Gateway gained popularity since transaction transparency and safety due to its decentralized blockchain structure. The report has covered the small, medium and large enterprises which are implementing Crypto Payment Gateway in their businesses.

The blockchain technology used in Crypto Payment Gateway has the potential to remove record keeping system and reduce data-storage costs. The end-user segments of the Crypto Payment Gateway Market include individual and online businesses. As soon as enterprises adopt Crypto Payment Gateway in their business model that is expected to open a large number of opportunities globally for that business.
The transaction details in Crypto Payment Gateway are recorded on the blockchain’s public ledger for transparency at the same time it offers anonymity for those who value privacy. These both factors are provided for Crypto Payment Gateway users which are expected to drive the Crypto Payment Gateway Market during the forecast period.

These factors associated with blockchain technology encourage more people and merchants and enterprises to use Crypto Payment Gateway. The pandemic is a major factor in accelerating the significant growth of the Crypto Payment Gateway Market. Without the legal support of most of the government till date, bitcoin is the world's sixth-largest currency in circulation. Despite all the appealing factors of the Crypto Payment Gateway, cash remains the undisputed king in the market.
Crypto Payment Gateway Market Regional Insights
North America: Increased cryptocurrency mining and the presence of major key players in the region are expected to drive North America Crypto Payment Gateway Market. Recently, mega brands such as Starbucks, Balenciaga, Tag Heuer and Microsoft and other big and small enterprises have all started to accept crypto payments. Bitcoin ATM has been installed in Mexico’s senate building stating that, this is for freedom, inclusion and financial education in Mexico. According to Coin ATM Radar data, the country already had 13 such machines in Mexico City, Tijuana, Cancún, Guadalajara, Culiacán, San Miguel de Cozumel and Aguascalientes. Triple A's crypto ownership data for the year 2021 states, 40 percent of Mexican firms are interested in using Crypto Payment Gateways. This decision of the leading organizations is increasing the trust regarding the use of the Crypto Payment Gateway which is expected to drive the North America Crypto Payment Gateway Market throughout the forecast period from 2023 to 2029.

Asia Pacific News: Growing acceptance of cryptocurrency and collaboration of India-based crypto exchange CoinDCX with OKEx Digital Asset Exchange to provide exposure to Bitcoin trading to the Indian market. The Partnership allows each other to strengthen their global service offerings and expand their customer base alternatively in India and Asia Pacific. The partnership is expected to increase the liquidity of cryptocurrency in India. As a result, Asia Pacific is expected to grow at a significant rate in the Crypto Payment Gateway Market throughout the forecast period from 2022 to 2029.

Latest M&A in Middle East and Africa: The partnership between Tarabut Gateway and Rain app is creating a lucrative opportunity for Crypto Payment Gateway in the Middle East and Africa. This partnership unlocks new market share in crypto assets adoption and Crypto Payment Gateway Market. Quick and efficient deposit mechanisms on Rain’s platform, crypto traders are expected to have a chance to seamlessly fund their accounts and capitalize on market movements. The UAE-based entity also announced four partnerships with Saudi-listed banks last year to expand its business in the Kingdom. Tarabut is an open banking platform and Rain is a regulated crypto assets trading platform in the region. The features and strategies of both organizations are willing to provide high-speed, error-free and premium crypto wallet experience for users in the Middle East and Africa.

South America’s latest news: Brazil is already leading the globe in cryptocurrency adoption. The federal deputy of the country has put forward a proposal for crypto to be recognized as means of payment. The above initiatives by Brazil government are expected to create a fresh market space for existing and new market entrants in South America Crypto Payment Gateway Market.

Europe Crypto Payment Gateway Market: The differences regarding the cryptocurrency and Crypto Payment Gateway between European countries have been creating doubt among major key players in Europe’s Crypto Payment Gateway Market.



Competitive Landscape

The Crypto Payment Gateway Market report includes the major key players and recent developments regarding the Crypto Payment Gateways. Key players in the Crypto Payment Gateway Market are Gox, Coinbase, Bitpay, Avalon, Nvidia, MasterCard, and Blockonomics. Bitpay, the largest provider of blockchain payment services, announced a partnership with Wix Merchants to accept Crypto Payment. This partnership is expected to allow Wix Merchants to offer their customers cryptocurrency payment options. Also, this enhances borderless payment-acquiring processes for businesses and services through Crypto Payment Gateway.

MasterCard, a global payment technology Solutions Company announced the “Crypto Source” program to provide secure crypto trading capabilities. MasterCard’s payments index reported that 65 percent indicated a preference for crypto-related services. Remitano launched new Crypto Payment Gateway service that allows users to pay with cryptocurrencies by using six different coins such as BTC, ETH, USDT, XRP, LTC and BCH. The report provides detailed information about key players, business strategies and recent developments in the Crypto Payment Gateway Market.

Google partners with Coinbase to accept payments for cloud services through Crypto Payment Gateway. Both organizations are working towards building a faster and more secure Crypto Payment Gateway for all applications through the web3. The Google Cloud Platform infrastructure service is expected to accept cryptocurrency payments initially from a handful of customers in the Web3. These recent developments in Crypto Payment Gateway Market by major key companies are expected to drive the market at a significant rate.
Crypto Payment Gateway Market Segment Analysis:
Web-based segment attained the highest Crypto Payment Gateway Market share in 2021. Recently, Google partnered with Coinbase to accept payments for cloud services through Crypto Payment Gateway. Both organizations are working towards building a faster and more secure Crypto Payment Gateway for all applications through the web3. The partnership is expected to help the web-based segment to grow significantly in Crypto Payment Gateway Market throughout the forecast period from 2023 to 2029.

Individuals and businesses held the largest share in the Crypto Payment Gateway Market in 2021. The automotive companies in the United States such as Tesla, BMW, E-Z rental car and Kia dealer Carriage Auto Group announced that they are expected to accept cryptocurrencies as a mode of payment. The Crypto Payment Gateway Market report provides a detailed analysis through the segments such as web-based and end-user applications.
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Crypto Payment Gateway Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US $ 1.19 Bn.


Forecast Period 2023 to 2029 CAGR:
16.8%
Market Size in 2029:
US $ 4.12 Bn.


 Segments Covered:
by Type
• Web-based
• Mobile-based


by Application
• iGaming
• E-Stores
• Others


by Operating System
• Android
• iOS
• Others


by End User
• Individual
• Business



Crypto Payment Gateway Market, by Region
• North America (United States, Canada and Mexico)
• Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
• Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
• Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
• South America (Brazil, Argentina Rest of South America)
Global Crypto Payment Gateway Market Key Players include:
• Gox
• Coinbase
• NOWPayments
• Blockonomics
• Coingate
• Coinsetter
• BitPay
• Avalon
• BitcoinX
• Nvidia
• ATI
• Bitcoin Foundation
• Spectrocoin
• CoinPayments
• BitGo
• Circle
• Coinomi
• CryptoPay
• GoCoin
• Coinify
• Coinremitter
• Binance
• Apirone OÜ
• Kucoin
• Poloniex

Frequently Asked Questions:

1] What is the growth rate of the Crypto Payment Gateway Market?
Ans. The Crypto Payment Gateway Market is growing at a CAGR of 16.8% during the forecast period.

2] Which region is expected to dominate the Crypto Payment Gateway Market?
Ans. North America is expected to dominate the Crypto Payment Gateway Market during the forecast period.

3] What is the market size of the Crypto Payment Gateway Market by 2029?
Ans. The size of the Crypto Payment Gateway Market by 2029 is expected to reach USD 4.12 Bn.

4] Which are the top key players of the Crypto Payment Gateway Market?
Ans. The major key players in the Crypto Payment Gateway Market are Coinbase, Bitpay, Binance, Gox and others.

5] What factors are driving the growth of the Crypto Payment Gateway Market in 2022?
Ans. The Crypto Payment Gateway Market is expected to grow due to factors such as fast transaction time and elimination of intermediaries.