Forbes India 30 Under 30 2023

Global Bitcoin payments market to increase by 16.3% annually between 2022 and 2031

As the banking industry and emerging economies increase their demands for BTC payments, the sector receives massive expansion

Shashank Bhardwaj
Published: Oct 27, 2022 07:23:04 PM IST

Global Bitcoin payments market to increase by 16.3% annually between 2022 and 2031Image: Shutterstock

Allied market research published a report on October 24 about the expansion in private keys and hardware driving sectors. The report suggests around 16.3 percent compound annual growth rate between 2022 and 2031. The report suggests a positive outcome for the Bitcoin payments sector. According to this report, the global Bitcoin payments market may reach about $3.7 by 2031.

The banking industry and emerging economies are one of the biggest markets for the global dominion of Bitcoin payments. The payment systems require the security and transparency that the adoption of this method of payment can provide to a business. Emerging economies require efficient and secure platforms for growing remittances facilitated by Bitcoin payments.

“Furthermore, increase in demand for bitcoin among banks and financial institutions and untapped potential in emerging economies are expected to provide lucrative opportunities for the bitcoin payments market expansion during the forecast period,” the report stated.

Moving further onto the segregation of private keys and hardware sector in the Bitcoin payments market, the report mentions that private keys will continue to dominate the sector. Currently, it contributes to around three-fourths of the entire business. By 2031, it will contribute 20.3 percent of the total business generated.

The hardware sector will also be growing at 19.8 percent every year until 2031. The e-commerce section will also grow at 20.2 per cent in the same duration. The North American region is supposed to grow at a CAGR of 18.6 percent, while the Asia Pacific still dominates the Bitcoin payments market. The e-commerce segment accounted for a significant share of the global market in 2021, accounting for more than two-fifths of the global Bitcoin Payments market share.

The news is not just rainbows and unicorns; it also states that global unawareness and high deployment costs are why Bitcoin payments may need help expanding. Although, despite the challenges, Bitcoin continues to grow in the payments sector. This suggests a green signal for Bitcoin’s dominance in the banking industry and finance market.

B2BinPay, Binance, Bitpay, Circle Internet Financial Limited, Coingate, Coinpayments, CoinsPaid, Moon Pay Limited, OpenNode, Paxful, Paypal, Spectro Finance OU, Utrust, VerFone, ZebPay, CONFIRMO, Plisio are among the major players profiled in the research report.

The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash

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