By 2030, the market for global cryptocurrency payments apps is expected grow to $2.15 trillion due to the growing adoption of blockchain technology. according to a report by ReseachAndMarkets.com.
The compound annual growth rate (CAGR), of 16.6%, is expected to rise between 2022- 2030.
The report says:
“The growing acceptance of cryptocurrency as an alternative to fiat currencies The market is expected to expand during the forecast period. For instance, in August 2022, Gucci with the integration of BitPay, became the first prominent brand to accept payments via ApeCoin.”
Because it is easy to combine traditional bank-based payment with Bitcoin, crypto users have more flexibility. These innovations are believed to be a catalyst for market growth.
Covid-19-induced solutions, on the other hand are expected to stimulate the crypto payments market’s significant growth. The report stated:
“The rising emphasis on digitalization and the growing popularity of contactless payments since the outbreak is anticipated to provide new opportunities for the growth of the market.”
Moreover, the urge for flexibility when choosing different payment methods and faster checkouts at physical payment terminals will accelerate the market’s growth.
ReportLinker has revealed that the global Blockchain technology market in banking, financial services and insurance (BFSI), was set to reach $4.02 billion in 2026 due to an increase in FinTech spending.
The BFSI sector is expected to see key drivers for the blockchain technology market, including the use of artificial intelligence (AI), the growth of blockchain-as-a service and quantum computing.
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