The surging adoption of blockchain technology is expected to enhance the market size of the global cryptocurrency payments app sector to a value of $2.15 billion by 2030, according to a report by ReseachAndMarkets.com.
With a compound annual growth rate (CAGR) of 16.6%, the figure is anticipated to reach between 2022 and 2030.
Per the report:
“The growing acceptance of cryptocurrency as an alternative to fiat currencies is anticipated to propel the market’s expansion 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.”
Crypto users are gaining more flexibility based on the convenience of merging traditional bank-based payments with Bitcoin. Therefore, such innovations are speculated to boost the market growth.
On the other hand, Covid-19 induced solutions are expected to trigger the crypto payments app market’s growth significantly. The report noted:
“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.
Meanwhile, ReportLinker recently revealed that the global blockchain technology market in the banking, financial services, and insurance (BFSI) sector was expected to hit $4.02 billion by 2026, thanks to a surge in FinTech spending.
Furthermore, the application of artificial intelligence (AI) and the growth of blockchain as a service and quantum computing are anticipated to be key drivers of the blockchain technology market in the BFSI sector.
Image source: Shutterstock
