Despite the doubts that surround cryptocurrency, individuals keep getting involved with it. It cuts across as investment opportunities or a way for them to edge over inflation and keep people’s money safe through stablecoins. Another contributing factor that increases crypto participation is the cryptocurrency payment gateway.
With a crypto payment gateway, cryptocurrencies are becoming globally accepted, and individuals have an increased investment channel. These are contributing factors to the global cryptocurrency payment gateway market.
Understanding the Global Cryptocurrency Payment Gateway Market
The payment process is a great concern for merchants and their customers. Merchants constantly seek ways to receive payment from their customers with less hassle and processing fees. Likewise, customers want a payment process that will charge them less for every transaction. On the other hand, frustration arises when customers are from across borders and find it hard to patronize a business with a secure payment channel.
Behold, the cryptocurrency payment gateway came to the rescue. This dynamic payment solution allows merchants to accept payment through cryptocurrency while providing security. This payment processing service makes it easy for users to pay directly to another user through their wallets. Likewise, the crypto payment gateway ensures that sensitive financial data are securely transferred across the merchant’s software.
Any business can leverage a cryptocurrency payment gateway regardless of its size. It is fast and profitable. Also, it executes the payment process over a secure network. The outstanding property of a crypto payment gateway is the underlying blockchain technology. This technology welcomes crypto payment gateway into the decentralized space while making it easy for the transaction to occur at the light of speed.
With the decentralized nature of the blockchain, merchants, intermediaries like banks, and financial institutions are eliminated from the payment process. Its speed and transparency welcome a new wave of crypto users and increase the demand for crypto payment gateways while onboarding new businesses to the decentralized ecosystem.
The COVID-19 occurrence has contributed to the rate of cyber-fraud. The increased number of online payment providers gave way for cyber-criminals to exploit that, harvest people’s financial information, and exploit them for illicit activities. As a result, merchants and customers seek reliable channels to make payments and be protected from cyber-attacks.
The cryptocurrency payment gateway market offers buyers from the COVID-19 era significant facilities they can leverage to make payments. This intriguing offer received a welcoming arm amongst the population.
Categorization of Global Cryptocurrency Payment Gateway Market
Look into the global cryptocurrency payment gateway, and you will realize that it has been segmented into various categories. It has its levels across application, type, and regional categories.
Global Crypto Payment Gateway Market by Type:
Global Crypto Payment Gateway Market by Application:
- Online Entertainment Projects
Global Crypto Payment Gateway Market by Region:
- North America, and
- Rest of the world
Global Crypto Payment Gateway Market by Country:
- The U.S, etc.
Dynamics that Exist in the Global Cryptocurrency Payment Gateway Market
The growth in the global cryptocurrency payment gateway market is due to the expanding adoption of crypto globally. Crypto now penetrates every sector and is becoming a popular currency worldwide. Bitcoin became the sixth most circulated global currency around November 2019. Daily, users trade crypto 1% more than they trade forex.
For five years, the rate of Bitcoin transactions and the growth of unique accounts reached about 60% every year. Thus, there is increased crypto adoption, which keeps cutting across different sectors in the industrial world. Likewise, investment in Bitcoin has skyrocketed because the global youth population participating in the crypto market keeps increasing.
The continuous innovations in the cryptocurrency payment gateway market, including the increased investment rates, are critical for global market growth. This includes the partnership model within the market and helps expose the payment method to an active crypto population. An example was CoinDCX and OKEx partnership in 2020.
Likewise, the launch of a crypto POS provides users with access to make payments through the POS while using over 100 digital currencies. An instance was the SecuX POS launch in 2019. These developments taking place in the active crypto space enhance the growth of the crypto payment gateway market.
But inadequate awareness or publicity within the developing and under-developed countries might cause friction in the market growth.
How Regions Play a Vital Role in the Global Cryptocurrency Payment Gateway Market
From indications, North America should take the biggest pizza size in this regard. That’s because cryptocurrency is popular in this region. Meanwhile, adoption and participation play a vital role. Acceptance of digital currency amongst consumers and retailers is also another growth factor. Ultimately. Major players are found in this region. An example is PayPal’s announcement to engage the crypto market in 2020.
The next area that might experience the fastest cryptocurrency payment gateway growth is the Asia Pacific region. This will result from technological advancements and the increased acceptance of digital currencies across the entire region. Likewise, collaborative activities are happening amongst market players. Another factor is how governments across the region allow crypto participation.
These developments are paving the way for more crypto engagements. As a result, increased liquidity of Bitcoin will happen while trading across a fast-growing global economy.
What is the Best Crypto Payment Gateway Platform?
If you are looking for the best crypto payment gateway for your business, Pay AABB is the best crypto payment gateway. With Pay AABB, you will receive hundreds of digital currencies as crypto payments from your customers. You are not limited to only the popular cryptocurrencies, Bitcoin and Ethereum. However, you have the option to restrict your channel to receiving a single coin as a merchant.
Pay AABB offers you the full benefits a cryptocurrency payment gateway provides you, and it is effortless to integrate into your payment systems. Overall, you can make crypto payments with any social messengers as much as you are a Pay AABB user. Likewise, you can receive payment through email and SMS and set up a loyalty program for your customers. However, you need a merchant account to enjoy these benefits.