The growing adoption of blockchain technology is expected to enhance the market size of the global cryptocurrency payment application sector to a value of $2.15 billion by 2030, according to a report by ResearchAndMarkets.com.

With a compound annual growth rate (CAGR) of 16.6%, the figure is projected to reach between 2022 and 2030.

According to the report:

“The growing acceptance of cryptocurrencies as an alternative to fiat currencies It is anticipated to drive the expansion of the market during the forecast period. For example, in August 2022, Gucci, with the integration of BitPay, became the first major brand to accept payments via ApeCoin.”

Cryptocurrency users are gaining more flexibility based on the convenience of merging traditional bank payments with Bitcoin. Therefore, it is speculated that such innovations will drive the growth of the market.

On the other hand, the solutions induced by Covid-19 are expected to significantly trigger the growth of the crypto payment app market. The report noted:

“Increasing emphasis on digitization and growing popularity of contactless payments since the outbreak are anticipated to provide new opportunities for market growth.”

Furthermore, the need for flexibility in choosing different payment methods and faster payments at physical payment terminals will accelerate the growth of the market.

Meanwhile, ReportLinker recently revealed that the global market for blockchain technology in the banking, financial services and insurance (BFSI) sector was expected to reach $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.

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