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2023

Crypto Payment Gateway Market

Crypto Payment Gateway Market Size, Share, Competitive Landscape and Trend Analysis Report by Type, by Application, by Operating System, by End User : Global Opportunity Analysis and Industry Forecast, 2021-2031

BI : IT in BFSI

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Author's: Kanhaiya Ramesh Kathoke| Sourabh Ekre | Onkar Sumant
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Crypto Payment Gateway Market Research, 2031

The global crypto payment gateway market was valued at $1 billion in 2021, and is projected to reach $5.4 billion by 2031, growing at a CAGR of 18.7% from 2022 to 2031.

A dynamic payment processing infrastructure known as a cryptocurrency payment gateway enables providers and merchants to accept payments made using a variety of cryptocurrencies while maintaining security. Users can send money straight from one wallet to another using this service. These payment gateways are in charge of safely transferring the payment's sensitive wallet-related data to the merchant's software in addition to their other duties. Businesses of all sizes frequently utilize this payment network as they look for the most advantageous, safe, and quick payment options.

Crypto Payment Gateway Market Insights

The growth of the crypto payment gateway market is fueled by the fact that it aids in monitoring the investment in real time to streamline the process, provides flexibility to users and helps in saving cost by charging low fees as well as helps in saving time. However, the market's expansion is expected to be hampered by the instability of the software and high investment costs software. In contrast, rise of technological advancement and increasing adoption of cloud-based trading software is expected to offer significant chances for the growth of the crypto payment gateway in the coming years.

The report focuses on growth prospects, restraints, and trends of the crypto payment gateway market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the crypto payment gateway market outlook.

The crypto payment gateway market is segmented into Type, Application, Operating System and End User.

Segment Review

The crypto payment gateway market is segmented into type, application, operating system, end user and region. By type, the market is differentiated into web-based and mobile-based. By application, it is segmented into iGaming, e-stores, and others. Depending on operating system, it is fragmented into android, iOS and others. By end user, the market is differentiated into individual and business. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Crypto Payment Gateway Market by Type

By type, web-based segment attained the highest crypto payment gateway market share in 2021. This is attributed to the fact that web-based crypto payments seek to give consumers more control over their digital material by removing the need for a centralized authority for transactions and authorization.

Crypto Payment Gateway Market by Region

Region wise, Asia-Pacific dominated the crypto payment gateway market size in 2021. This was attributed to the sharp rise in digital payments amidst the COVID-19 pandemic. Furthermore, e-commerce is continuously growing in this region contributing towards the growth of online modes of payment. Thus, increasing the growth of the crypto payment gateway market in the region.

The key players that operate in the global crypto payment gateway market include as Apirone OÜ, Binance, BitPay, Circle Internet Financial Limited, Coinbase, Coinomi, Coinremitter, Cryptopay Ltd., NVIDIA Corporation, and SecuX Technology Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the crypto payment gateway industry. 

Market Landscape and Trends

One of the key factors propelling the crypto payment gateway market growth is the introduction of crypto payment alternatives by traditional payment gateway providers. For instance, in December 2021, PayCEC, a payment gateway provider based in the U.S., announced the launch of a crypto payment gateway. The company has upgraded the payment gateway to accept cryptocurrencies allowing the users to transact in various cryptocurrencies. It also enables fast transactions as compared to conventional banks.

Furthermore, the continuous developments and innovations for better consumer experience in the blockchain space are expected to create lucrative opportunities for the market to grow during the forecast period. For instance, a wallet for cryptocurrencies, Valora, was launched 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.

Moreover, the crypto payment gateway industry's growing innovations and the companies' increasing investments are both promoting new markets. OKEx Digital Asset Exchange and CoinDCX, an Indian cryptocurrency exchange, partnered in February 2020 to give OKEx access to the Indian market. This move would enable trading apps in one of the economies with the highest rate of growth in the world to take use of Bitcoin's vast liquidity.

The pandemic had encouraged the adoption of artificial intelligence into mobile applications which fueled the crypto payment gateway market. To tackle the pandemic, the crypto payment gateway sector had taken major steps such as supercomputing power, virus detection, and artificial intelligence assistant, adopting continuous innovation, developing new line-of-business apps, and digital resilience.

Key Developments/ Strategies

  • On November 12th, 2021, the U.S.-based payment gateway provider PayCEC introduced a cryptocurrency payment gateway as cryptocurrencies continue to gain popularity globally. The firm announced that its payment gateway will be upgraded to accept cryptocurrency transactions, enabling merchants or providers to accept payments in different cryptocurrencies.
  • On October 12th, 2021, BitPay, the world's largest provider of blockchain payment services, and Wix is ‐‹‐‹a leading global SaaS platform for creating, managing, and expanding its online presence, and integrates BitPay's Bitcoin and cryptocurrency payment process as a new payment option on the Wix eCommerce platform. BitPay's blockchain payment rail integrates seamlessly with Wix's e-commerce platform, allowing Wix merchants to offer their customers Bitcoin and other cryptocurrency payment options.

Key Benefits for Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the data analytics in banking market analysis from 2021 to 2031 to identify the prevailing crypto payment gateway market opportunity.
  • The market research is offered along with information related to key drivers, restraints, and opportunities in the crypto payment gateway market forecast.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the crypto payment gateway market segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global crypto payment gateway market trends, key players, market segments, application areas, and market growth strategies.

Crypto Payment Gateway Market Report Highlights

Aspects Details
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Market Size By 2031

USD 5.4 billion

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Growth Rate

CAGR of 18.7%

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Forecast period

2021 - 2031

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Report Pages

275

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By Type
  • Web-based
  • Mobile-based
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By Application
  • iGaming
  • E-Stores
  • Others
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By Operating System
  • Android
  • iOS
  • Others
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By End User
  • Individual
  • Business
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By Region
  • North America  (U.S., Canada)
  • Europe  (UK, Germany, France, Italy, Spain, Rest of Europe)
  • Asia-Pacific  (Japan, India, Australia, South Korea, Thailand, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
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Key Market Players

Cryptopay Ltd., BitPay, SecuX Technology Inc., Binance, Coinbase, Circle Internet Financial Limited, Coinomi, Coinremitter, Apirone OÜ, NVIDIA Corporation (Mellanox Technologies)

Analyst Review

The rising use of cryptocurrencies on a global basis is the primary driver of the market's growth. People are encouraged to utilize bitcoin payment systems owing to the decentralized nature of the blockchain, which keeps intermediaries such as banks out of the payment processing system. These systems are getting more and more popular as a result of quicker transaction speeds and shorter processing times. Furthermore, the industry is growing as a result of the increasing use of cryptocurrencies as a form of investment among millennials. Moreover, crypto payments already attracting increasing interest from both people and companies. It provides ease, quick transactions, fair fees, anonymity, and security, among other benefits.

The COVID-19 outbreak has had a positive impact on the crypto payment gateway market. Moreover, the pandemic has led to a huge demand for a crypto payment gateway owing to an increase in awareness, especially among millennials. In addition, the rise in technological development in the payment gateway such as automation and digital record keeping has boosted the growth of the market. For instance, in October 2021, BitPay, the world's largest provider of blockchain payment services, and Wix, a leading global SaaS platform for creating, managing, and expanding its online presence integrates BitPay's Bitcoin and cryptocurrency payment process as a new payment option on the Wix e-commerce platform. BitPay's blockchain payment rail integrates seamlessly with Wix's e-commerce platform, allowing Wix merchants to offer their customers Bitcoin and other cryptocurrency payment options.

The crypto payment gateway market is fragmented with the presence of regional vendors such as Apirone OÜ, Binance, BitPay, Circle Internet Financial Limited, Coinbase, Coinomi, Coinremitter, Cryptopay Ltd., NVIDIA Corporation, and SecuX Technology Inc. Major players operating in this market have witnessed significant adoption of strategies that include business expansion and partnership to reduce supply and demand gap. Major players are collaborating their product portfolio to provide differentiated and innovative products with increase in awareness & demand for crypto payment gateway across the globe.

Author Name(s) : Kanhaiya Ramesh Kathoke| Sourabh Ekre | Onkar Sumant
Frequently Asked Questions?

The crypto payment gateway market is estimated to grow at a CAGR of 18.7% from 2022 to 2031.

The crypto payment gateway market is projected to reach $5.43 billion by 2031.

Rise in need for transparency in payment system, increase in flow of remittances from foreign countries and high growth potential in developing economies majorly contribute toward the growth of the market.

The key players profiled in the report include Apirone OÜ, Binance, BitPay, Circle Internet Financial Limited, Coinbase, Coinomi, Coinremitter, Cryptopay Ltd., NVIDIA Corporation, and SecuX Technology Inc.

The key growth strategies of crypto payment gateway market players include product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations.

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Crypto Payment Gateway Market

Global Opportunity Analysis and Industry Forecast, 2021-2031