Crypto Atm Market By Regional Statistics & Growth Forecast 2020-2025
Two-factor authentication of the cryptocurrency transactions is a trend driving the crypto ATM market growth. The process includes confirming transactions via a mobile number & SMS code and then identification via biometric scanning. This provides enhanced security and safer digital payment & conversion functions to the users. These machines safely uphold the individual privacy and do not reveal the wallet details to other customers. Cryptocurrency machines eliminate the chances of frauds due to the absence of third party in these transactions. The crypto ATM industry is driven by the provisions to purchase and sell various digital currencies, such as Bitcoin cash, Ethereum, and Litecoin, from a single machine.
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Factors, such as high usage fees and non-refundable transactions, associated with the machines are hindering the crypto ATM market growth. The ATMs charge much higher conversion fees as compared to the conventional ATMs. The average fee for undergoing the cryptocurrency machine transactions is about 8% of the total amount. The transactions are non-refundable and irreversible as they are not operated by banks and businesses. Users need to double check their transaction amounts and wallet addresses to avoid any problems as the conversion cannot be reversed or canceled. The crypto ATM industry faces challenges in managing the cash availability and conversion operations. Stringent government regulations that prohibit the usage of cryptocurrency in countries including India are hindering the crypto ATM industry growth.
The display segment in the crypto ATM market has experienced a high demand due to its essential functionality in such machines. The displays offer user-friendly and cost-associated benefits to the manufacturers such as keyboard installation and extra-fitting prices. The ATM printers are expected to be dominant in the crypto ATM industry as they offer enhanced output functionality. These components provide printing and dispensing transaction receipts, mainly by using the QR codes. The printing devices perform QR scanning functions that eliminate the need to deploy more components, reducing the retailer expenses.
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North America crypto ATM market is expected to witness high growth opportunities owing to the technical innovations in the machines. Lesser legal barriers in the U.S. and the presence of software & hardware providers and integrators account for the growing consumption of these products. Europe crypto ATM industry is experiencing an increasing demand due to the supportive government initiatives and the emergence of manufacturing companies such as Lamassu, Inc. and RUSbit. The popularity of Bitcoin cash and ATMs in the European countries that offer fast & safe transactions is further driving the crypto ATM industry growth.
Companies operating in the crypto ATM market are Genesis Coin, Covault, Robocoin, Bitaccess, Bitxatm, Lamassu, Inc., General Bytes S.R.O., Coinme, Orderbob, RUSbit, and Coinsource. Companies develop low-power consuming devices that further help in reducing the overall electricity costs. For instance, in April 2018, Nuo announced the launch of its first cryptocurrency bank branch and crypto ATM in Singapore.
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