Cryptocurrency Payment Apps Market Regional Analysis:
North America Market Forecast
North America industry is expected to hold largest revenue share of 36.2% by 2035. The cryptocurrency payment apps market is poised for continued growth, driven by technological advancements, increasing consumer acceptance, and evolving frameworks. Many businesses from small retailers to large corporations, are adopting cryptocurrency payment solutions, driven by consumer demand for diverse payment options.
The U.S. government and agencies such as the SEC and IRS provide guidelines for cryptocurrency usage, which fosters business confidence. A growing number of retailers, both online and offline are accepting cryptocurrencies as payment, reflecting rising consumer demand. It has been estimated that 13.5% of the U.S. population owns cryptocurrency. Moreover, there is a growing awareness about cryptocurrency among individuals, with a staggering 81.4% of people being aware in 2021 as compared to 69.4% in 2020.
Canada has established a relatively clear regulatory framework for cryptocurrencies, with the Financial Transactions and Reports Analysis Center of Canada (FINTRAC) overseeing compliance. This clarity helps businesses feel more secure in adopting crypto payment solutions. Additionally, the Canada Revenue Agency (CRA) has provided guidance on the taxation of cryptocurrency transactions, which further encourages businesses to accept crypto payments.
APAC Market Analysis
The cryptocurrency payment apps market in Asia Pacific is rapidly evolving, owing to diverse adoption rates and regulatory landscapes across countries. Countries such as India, China, Japan, South Korea, and Singapore have shown significant engagement in cryptocurrencies, with many consumers and businesses adopting digital currencies for transactions.
In India the cryptocurrency payment apps market is on growth trajectory, influenced by rising consumer interest. Around 7.1% population own cryptocurrency. Moreover, awareness campaigns, workshops, and online resources are educating consumers about cryptocurrencies and their benefits. Several cryptocurrency payment processors such as CoinSwitch and UnoCoin are providing solutions tailored for local businesses to accept cryptocurrencies easily.
The Government of China is heavily investing in blockchain technology, which could indirectly support the development of cryptocurrency-related applications and infrastructure. Moreover, the growth of e-commerce can also bring in opportunities for cryptocurrency payments.
