Cryptocurrency Payment Apps Market Analysis

 Cryptocurrency Type (Bitcoin, Ethereum, Litecoin, DAI, Ripple, and others)

Bitcoin segment is projected to hold over 67.8% cryptocurrency payment apps market share by the end of 2037. Bitcoin has established a strong brand and recognition, making it the most well-known digital currency. Bitcoin’s blockchain technology is considered secure and robust, contributing to its reputation as a reliable payment option compared to other cryptocurrencies. According to a 2023 report by Research Nester, roughly 77% of cryptocurrency owners in the U.S. claimed to be Bitcoin users.

Accepting Bitcoin can drive tech-savvy consumers and those who prefer cryptocurrency for privacy or investment purposes. Bitcoin can be processed quickly, particularly across borders, compared to traditional banking methods, thus increasing its adoption among several businesses. Many enterprises in the U.S. are accepting Bitcoin as a form of payment, influenced by the growing interest in cryptocurrencies. For instance, around 15,200 businesses worldwide accept Bitcoin out of which 2,200 are located in the U.S. Microsoft is the largest U.S. Corporation to accept Bitcoin.

Payment Type (In-store, and Online)

The in-store segment in cryptocurrency payment apps market is estimated to rise at a significant CAGR throughout the forecast period. Several physical stores accept cryptocurrency and legitimize its use which encourages more consumers to explore digital payment options. Offering discounts or special promotions for cryptocurrency transactions can encourage usage, increasing overall transaction volumes. Moreover, cryptocurrency transactions can be quicker than traditional credit card processes, reducing wait times for customers.

Additionally, online payment type is also predicted to drive the cryptocurrency payment apps market. The segment growth is attributed to the rising prevalence of e-commerce platforms. Many online retailers are starting to accept cryptocurrency payments. Online firms such as airBaltic, Travala.com, Digital Gap Ltd, Raw Living Limited, and Amazon Technologies, Inc. all accept cryptocurrencies as payment options.

Online platforms that accept cryptocurrencies can attract tech-savvy consumers and investors, driving demand for cryptocurrency payment apps.  For instance, in August 2022, Crypto.com, the world's fastest-growing cryptocurrency platform, has announced its latest cryptocurrency payment revolution, allowing local customers to utilize their cryptocurrency for everyday transactions. Customers with a Crypto.com wallet can purchase everyday items, such as petrol, coffee, and sandwiches, across 175 OTR fuel and convenience store sites across Victoria, South Australia, and Western Australia using their cryptocurrency by simply scanning a QR code on their phone with the Crypto.com App.

Our in-depth analysis of the cryptocurrency payment apps market includes the following segments