To say that cryptocurrency has grown exponentially would probably be an understatement. Since it was first introduced to the market, this new form of currency has skyrocketed to fame with constant growth among traders, miners, hoarders, merchants, and consumers.
Thus, more businesses have also started accepting cryptocurrency payments to cater to the growing needs of clients.
The benefits of cryptocurrency payments
Because of the COVID-19 pandemic, a lot of purchases have shifted online, offering huge opportunities for online-based businesses to increase their revenue while maintaining the quality of service they offer to clients.
Unfortunately, this has also spawned many cases of fraud across online networks that caused huge losses to these businesses.
With crypto payments, consumers don’t need to worry about providing private financial information that could be exploited online because cryptocurrency uses a unique algorithm that doesn’t require any valuable data for payments to be processed. A lot of businesses these days now offer cryptocurrency as a form of payment because it has been proven safe from fraudulent activities.
The rise of the crypto payment gateway market
With the growing demand for cryptocurrency payments, the cryptocurrency payment gateway was created as a unique payment processing system that gives merchants and providers the capability to accept payments from different cryptocurrencies without worrying about safety.
This infrastructure allows for the convenient transfer of money from one cryptocurrency wallet to the other, including the wallet’s data to the merchant’s system to complete the transaction.
The cryptocurrency payment gateway also caters to every type of business that seeks to offer a more convenient, fast, and secure way to accept payments, which is why it is now being used by a lot of small- and medium-sized companies around the world, contributing to its immense growth.
Some of the key players in the global crypto payment gateway market include Coinbase, Gox, Blockonomics, BitcoinX, NOWPayments, and BitPay. The blockchain ecosystem also continues to grow, which is why we can expect more payment processing partners to start accepting cryptocurrency as a form of payment over the next few years.
Looking forward to the future
A recent study conducted by Brandessence Market Research revealed that the global crypto payment gateway market is set to have a 22.8% CAGR growth over the next few years. The bitcoin payment market is also set to grow with a CAGR of 20.13% from 2021 to 2026 and it is expected to be valued at a staggering $880 million by 2026 (Crypto Payment Gateway Market Size, 2022).
With the huge patronage for cryptocurrency, it has become a must to adopt this payment method into your own business with the help of reliable high-risk merchant account processors that accept cryptocurrency transactions.
It will give you more opportunities to grow as a business, cater to a wider clientele, and ensure that you always keep your customers satisfied with the services that you provide. Cryptocurrency is here to stay, so you should start embracing it into your system.
Crypto Payment Gateway Market Size, Share & Trends Analysis Report By Type (Web-Based, Mobile Based, Hybrid), By Application (IGaming, Online Entertainment Projects, E-Stores, Others) Based On Region, And Segment Forecasts, 2022 – 2028. (2022, February). Brandessence Market Research and Consulting Private Limited. https://brandessenceresearch.com/cryptocurrency/crypto-payment-gateway-market