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Bitcoin Payments: A Look Ahead at the Global Market in 2024
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According to The Business Research Company's, The bitcoin payments market size has grown rapidly in recent years. It will grow from $990.18 billion in 2023 to $1,071.42 billion in 2024 at a compound annual growth rate (CAGR) of 15.2%. The growth in the historic period can be attributed to rise in the need for transparency in the payment system, increasing acceptance by vendors, merchants, and consumers for digital payments, increasing adoption of digital ledger, the rise of the lightning network, and increasing number of crypto automated teller machines (ATMs) and mobile wallets.
The bitcoin payments market size is expected to see rapid growth in the next few years. It will grow to $1,903.20 billion in 2028 at a compound annual growth rate (CAGR) of 15.4%. The growth in the forecast period can be attributed to rise in smartphone penetration, growing demand for low-cost and secure payments, growing awareness of bitcoin and its use cases, increasing number of initial coin offerings (ICOs), and increasing number of bitcoin payment processors. Major trends in the forecast period include advances in hardware and software wallets, innovation in payment technologies, technology advancements, innovative blockchain distributed technology protocols, and innovative payment processors.
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Market Drivers and Trends:
The increase in popularity of crypto ATMs is expected to propel the growth of Bitcoin payments going forward. A crypto ATM (cryptocurrency automated teller machine), often called a Bitcoin ATM, is an electronic kiosk that enables users to buy or sell cryptocurrencies using cash or debit/credit cards. The increasing number of crypto ATMs is due to several factors, such as a rise in interest and investment in cryptocurrencies, convenience and accessibility, and a growing variety of supported cryptocurrencies. Bitcoin payments, facilitated by crypto ATMs and mobile wallets, offer unparalleled convenience and accessibility compared to traditional financial systems, allowing users to quickly buy, sell, or transfer Bitcoin using cash or their smartphones without requiring lengthy registration processes or bank accounts. For instance, in April 2024, CryptoNews, a Lithuania-based company that offers a news website that provides comprehensive coverage of the crypto and blockchain industry, in Australia, had an active network of 1,008 Bitcoin ATMs, representing 2.7% of the global crypto ATM distribution. Furthermore, in July 2021, according to BitcoinWorld, a US-based company involved in cryptocurrency and blockchain technology, Crypto ATM installations in 2021 increased by 71.73%. Therefore, the increase in popularity of crypto ATMs and mobile wallets is driving the growth of the Bitcoin payments market.
Major companies operating in the bitcoin payments market are focused on developing innovative solutions such as token pay to enhance transaction efficiency and security and offer more integrated payment options within the cryptocurrency ecosystem. TokenPay (TPAY) is a decentralized cryptocurrency that enhances privacy and security in digital transactions. It integrates advanced cryptographic protocols to ensure secure and anonymous transactions. For instance, in July 2024, OrdinalsBot, a US-based private enterprise specializing in Bitcoin, launched TokenPay to expand payment options for on-chain activities. It allows users to pay for on-chain activities using various cryptocurrencies and Bitcoin. It aims to attract a wider audience and make it easier for users to participate in on-chain activities related to Ordinals. This expansion of payment options aims to provide more flexibility and convenience for OrdinalsBot's users and contribute to the adoption and development of the Ordinals protocol on the Bitcoin blockchain.
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Major Key Players of the Market:
Verifone Inc., Microsoft Corporation, Paypal Holdings Inc., Coinbase Global Inc., Binance Holdings Ltd., Etsy Inc., Paxful Inc., MoonPay USA LLC, Bitpay Inc., Coinspaid, CoinsBank, Utrust, The Pirate Bay, Genie Technologies Pte Ltd , Coingate, Spectrocoin Finance Ltd., OpenNode Inc., GoCoin LLC, Planet Express, Coinpayments Inc.
Bitcoin Payments Market 2024 Key Insights:
• The bitcoin payments market size is expected to see rapid growth in the next few years. It will grow to $1,903.20 billion in 2028 at a compound annual growth rate (CAGR) of 15.4%.
• The Rise Of Crypto ATMs And Mobile Wallets Catalysts For Bitcoin Payment Growth
• TokenPay Enhances Transaction Efficiency And Security In On-Chain Activities
• North America was the largest region in the bitcoin payments market in 2023
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