Bitcoin is a digital currency also called cryptocurrency that can be traded for goods or services with vendors that accept Bitcoin as payment. With Bitcoin, holders can buy, sell and exchange goods or services without a central authority or bank as an intermediary. Each owner transfers bitcoin to the next by digitally signing a hash of the previous transaction and the public key of the next owner and adding these to the end of the coin. A payee can verify the signatures to verify the chain of ownership.
Increase in need for operational efficiency and transparency in financial payment systems, rise in demand for remittances in developing countries, increase in the data security, and improvements in capital optimization are the major factors that drive the growth of the bitcoin payment market. Moreover, high implementation cost and lack of awareness of bitcoin among the people in developing nations hamper the growth of the market. Furthermore, increase in demand for bitcoun among banks, and financial institutions and untapped potential on emerging economies are expected to provide lucrative opportunities for the market expansion during the forecast period.
The bitcoin payment market is segmented on the basis of keys, component, application, and region. By keys, it is bifurcated into private keys and public keys. By component, it is divided into hardware, software, and services. The hardware segment is further bifurcated into hot wallet and cold wallet. By application, it is segregated into E-commerce, retail, and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the bitcoin payments market such as B2BinPay, Binance, Bitpay, Circle Internet Financial Limited, Coingate, Coinpayments, Inc., CoinsPaid, Moon Pay Limited, OpenNode, Paxful, Inc., Paypal, Spectro Finance OU, Utrust, VeriFone, Inc., ZebPay, CONFIRMO, and Plisio, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the bitcoin payments industry.
Increase in need for operational efficiency and transparency in financial payment systems, rise in demand for remittances in developing countries, increase in the data security, and improvements in capital optimization are the major factors that drive the growth of the bitcoin payment market. Moreover, high implementation cost and lack of awareness of bitcoin among the people in developing nations hamper the growth of the market. Furthermore, increase in demand for bitcoun among banks, and financial institutions and untapped potential on emerging economies are expected to provide lucrative opportunities for the market expansion during the forecast period.
The bitcoin payment market is segmented on the basis of keys, component, application, and region. By keys, it is bifurcated into private keys and public keys. By component, it is divided into hardware, software, and services. The hardware segment is further bifurcated into hot wallet and cold wallet. By application, it is segregated into E-commerce, retail, and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the bitcoin payments market such as B2BinPay, Binance, Bitpay, Circle Internet Financial Limited, Coingate, Coinpayments, Inc., CoinsPaid, Moon Pay Limited, OpenNode, Paxful, Inc., Paypal, Spectro Finance OU, Utrust, VeriFone, Inc., ZebPay, CONFIRMO, and Plisio, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the bitcoin payments industry.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the bitcoin payments market analysis from 2021 to 2031 to identify the prevailing bitcoin payments market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the bitcoin payments market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global bitcoin payments market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Keys
- Private Keys
- Public Keys
By Component
- Hardware
- Software
- Services
By Application
- E-commerce
- Retail
- Others
By Region
- North America
- U. S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Rest Of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest Of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- B2BinPay
- Binance
- Bitpay
- Circle
- Coingate
- Coinpayments
- Coinspaid
- MoonPay
- OpenNode
- Paxful
- Paypal
- SpectroCoin
- Utrust
- Verifone
- Zebpay
Table of Contents
CHAPTER 1: INTRODUCTION1.1. Report description
1.2. Key market segments
1.3. Key benefits to the stakeholders
1.4. Research Methodology
1.4.1. Secondary research
1.4.2. Primary research
1.4.3. Analyst tools and models
CHAPTER 2: EXECUTIVE SUMMARY
2.1. Key findings of the study
2.2. CXO Perspective
CHAPTER 3: MARKET OVERVIEW
3.1. Market definition and scope
3.2. Key findings
3.2.1. Top investment pockets
3.3. Porter’s five forces analysis
3.4. Top player positioning
3.5. Market dynamics
3.5.1. Drivers
3.5.2. Restraints
3.5.3. Opportunities
3.6. COVID-19 Impact Analysis on the market
CHAPTER 4: BITCOIN PAYMENTS MARKET, BY KEYS
4.1 Overview
4.1.1 Market size and forecast
4.2 Private Keys
4.2.1 Key market trends, growth factors and opportunities
4.2.2 Market size and forecast, by region
4.2.3 Market analysis by country
4.3 Public Keys
4.3.1 Key market trends, growth factors and opportunities
4.3.2 Market size and forecast, by region
4.3.3 Market analysis by country
CHAPTER 5: BITCOIN PAYMENTS MARKET, BY COMPONENT
5.1 Overview
5.1.1 Market size and forecast
5.2 Hardware
5.2.1 Key market trends, growth factors and opportunities
5.2.2 Market size and forecast, by region
5.2.3 Market analysis by country
5.3 Software
5.3.1 Key market trends, growth factors and opportunities
5.3.2 Market size and forecast, by region
5.3.3 Market analysis by country
5.4 Services
5.4.1 Key market trends, growth factors and opportunities
5.4.2 Market size and forecast, by region
5.4.3 Market analysis by country
CHAPTER 6: BITCOIN PAYMENTS MARKET, BY APPLICATION
6.1 Overview
6.1.1 Market size and forecast
6.2 E-commerce
6.2.1 Key market trends, growth factors and opportunities
6.2.2 Market size and forecast, by region
6.2.3 Market analysis by country
6.3 Retail
6.3.1 Key market trends, growth factors and opportunities
6.3.2 Market size and forecast, by region
6.3.3 Market analysis by country
6.4 Others
6.4.1 Key market trends, growth factors and opportunities
6.4.2 Market size and forecast, by region
6.4.3 Market analysis by country
CHAPTER 7: BITCOIN PAYMENTS MARKET, BY REGION
7.1 Overview
7.1.1 Market size and forecast
7.2 North America
7.2.1 Key trends and opportunities
7.2.2 North America Market size and forecast, by Keys
7.2.3 North America Market size and forecast, by Component
7.2.4 North America Market size and forecast, by Application
7.2.5 North America Market size and forecast, by country
7.2.5.1 U. S.
7.2.5.1.1 Market size and forecast, by Keys
7.2.5.1.2 Market size and forecast, by Component
7.2.5.1.3 Market size and forecast, by Application
7.2.5.2 Canada
7.2.5.2.1 Market size and forecast, by Keys
7.2.5.2.2 Market size and forecast, by Component
7.2.5.2.3 Market size and forecast, by Application
7.3 Europe
7.3.1 Key trends and opportunities
7.3.2 Europe Market size and forecast, by Keys
7.3.3 Europe Market size and forecast, by Component
7.3.4 Europe Market size and forecast, by Application
7.3.5 Europe Market size and forecast, by country
7.3.5.1 UK
7.3.5.1.1 Market size and forecast, by Keys
7.3.5.1.2 Market size and forecast, by Component
7.3.5.1.3 Market size and forecast, by Application
7.3.5.2 Germany
7.3.5.2.1 Market size and forecast, by Keys
7.3.5.2.2 Market size and forecast, by Component
7.3.5.2.3 Market size and forecast, by Application
7.3.5.3 France
7.3.5.3.1 Market size and forecast, by Keys
7.3.5.3.2 Market size and forecast, by Component
7.3.5.3.3 Market size and forecast, by Application
7.3.5.4 Italy
7.3.5.4.1 Market size and forecast, by Keys
7.3.5.4.2 Market size and forecast, by Component
7.3.5.4.3 Market size and forecast, by Application
7.3.5.5 Rest of Europe
7.3.5.5.1 Market size and forecast, by Keys
7.3.5.5.2 Market size and forecast, by Component
7.3.5.5.3 Market size and forecast, by Application
7.4 Asia-Pacific
7.4.1 Key trends and opportunities
7.4.2 Asia-Pacific Market size and forecast, by Keys
7.4.3 Asia-Pacific Market size and forecast, by Component
7.4.4 Asia-Pacific Market size and forecast, by Application
7.4.5 Asia-Pacific Market size and forecast, by country
7.4.5.1 China
7.4.5.1.1 Market size and forecast, by Keys
7.4.5.1.2 Market size and forecast, by Component
7.4.5.1.3 Market size and forecast, by Application
7.4.5.2 Japan
7.4.5.2.1 Market size and forecast, by Keys
7.4.5.2.2 Market size and forecast, by Component
7.4.5.2.3 Market size and forecast, by Application
7.4.5.3 India
7.4.5.3.1 Market size and forecast, by Keys
7.4.5.3.2 Market size and forecast, by Component
7.4.5.3.3 Market size and forecast, by Application
7.4.5.4 Australia
7.4.5.4.1 Market size and forecast, by Keys
7.4.5.4.2 Market size and forecast, by Component
7.4.5.4.3 Market size and forecast, by Application
7.4.5.5 South Korea
7.4.5.5.1 Market size and forecast, by Keys
7.4.5.5.2 Market size and forecast, by Component
7.4.5.5.3 Market size and forecast, by Application
7.4.5.6 Rest of Asia-Pacific
7.4.5.6.1 Market size and forecast, by Keys
7.4.5.6.2 Market size and forecast, by Component
7.4.5.6.3 Market size and forecast, by Application
7.5 LAMEA
7.5.1 Key trends and opportunities
7.5.2 LAMEA Market size and forecast, by Keys
7.5.3 LAMEA Market size and forecast, by Component
7.5.4 LAMEA Market size and forecast, by Application
7.5.5 LAMEA Market size and forecast, by country
7.5.5.1 Latin America
7.5.5.1.1 Market size and forecast, by Keys
7.5.5.1.2 Market size and forecast, by Component
7.5.5.1.3 Market size and forecast, by Application
7.5.5.2 Middle East
7.5.5.2.1 Market size and forecast, by Keys
7.5.5.2.2 Market size and forecast, by Component
7.5.5.2.3 Market size and forecast, by Application
7.5.5.3 Africa
7.5.5.3.1 Market size and forecast, by Keys
7.5.5.3.2 Market size and forecast, by Component
7.5.5.3.3 Market size and forecast, by Application
CHAPTER 8: COMPANY LANDSCAPE
8.1. Introduction
8.2. Top winning strategies
8.3. Product Mapping of Top 10 Players
8.4. Competitive Dashboard
8.5. Competitive Heatmap
8.6. Key developments
CHAPTER 9: COMPANY PROFILES
9.1 B2BinPay
9.1.1 Company overview
9.1.2 Company snapshot
9.1.3 Operating business segments
9.1.4 Product portfolio
9.1.5 Business performance
9.1.6 Key strategic moves and developments
9.2 Binance
9.2.1 Company overview
9.2.2 Company snapshot
9.2.3 Operating business segments
9.2.4 Product portfolio
9.2.5 Business performance
9.2.6 Key strategic moves and developments
9.3 Bitpay
9.3.1 Company overview
9.3.2 Company snapshot
9.3.3 Operating business segments
9.3.4 Product portfolio
9.3.5 Business performance
9.3.6 Key strategic moves and developments
9.4 Circle
9.4.1 Company overview
9.4.2 Company snapshot
9.4.3 Operating business segments
9.4.4 Product portfolio
9.4.5 Business performance
9.4.6 Key strategic moves and developments
9.5 Coingate
9.5.1 Company overview
9.5.2 Company snapshot
9.5.3 Operating business segments
9.5.4 Product portfolio
9.5.5 Business performance
9.5.6 Key strategic moves and developments
9.6 Coinpayments
9.6.1 Company overview
9.6.2 Company snapshot
9.6.3 Operating business segments
9.6.4 Product portfolio
9.6.5 Business performance
9.6.6 Key strategic moves and developments
9.7 Coinspaid
9.7.1 Company overview
9.7.2 Company snapshot
9.7.3 Operating business segments
9.7.4 Product portfolio
9.7.5 Business performance
9.7.6 Key strategic moves and developments
9.8 MoonPay
9.8.1 Company overview
9.8.2 Company snapshot
9.8.3 Operating business segments
9.8.4 Product portfolio
9.8.5 Business performance
9.8.6 Key strategic moves and developments
9.9 OpenNode
9.9.1 Company overview
9.9.2 Company snapshot
9.9.3 Operating business segments
9.9.4 Product portfolio
9.9.5 Business performance
9.9.6 Key strategic moves and developments
9.10 Paxful
9.10.1 Company overview
9.10.2 Company snapshot
9.10.3 Operating business segments
9.10.4 Product portfolio
9.10.5 Business performance
9.10.6 Key strategic moves and developments
9.11 Paypal
9.11.1 Company overview
9.11.2 Company snapshot
9.11.3 Operating business segments
9.11.4 Product portfolio
9.11.5 Business performance
9.11.6 Key strategic moves and developments
9.12 SpectroCoin
9.12.1 Company overview
9.12.2 Company snapshot
9.12.3 Operating business segments
9.12.4 Product portfolio
9.12.5 Business performance
9.12.6 Key strategic moves and developments
9.13 Utrust
9.13.1 Company overview
9.13.2 Company snapshot
9.13.3 Operating business segments
9.13.4 Product portfolio
9.13.5 Business performance
9.13.6 Key strategic moves and developments
9.14 Verifone
9.14.1 Company overview
9.14.2 Company snapshot
9.14.3 Operating business segments
9.14.4 Product portfolio
9.14.5 Business performance
9.14.6 Key strategic moves and developments
9.15 Zebpay
9.15.1 Company overview
9.15.2 Company snapshot
9.15.3 Operating business segments
9.15.4 Product portfolio
9.15.5 Business performance
9.15.6 Key strategic moves and developments
Executive Summary
According to this report, titled, 'Bitcoin Payments Market,' the bitcoin payments market was valued at $850.55 billion in 2021, and is estimated to reach $3788.2 billion by 2031, growing at a CAGR of 16.3% from 2022 to 2031.Bitcoin is considered more secure than credit and debit card payments. This is because it does not need third-party verification. When a customer pays with a cryptocurrency payment, their data is not stored in a centralized hub where data breaches commonly occur. Moreover, merchants are responsible for paying transaction fees, as well as setup fees for many payment processors. PayPal, for instance, charges close to 4% per transaction. However, Bitcoin transactions charges much lower fees, if any. Some Bitcoin exchanges offer fees under 1%. Likewise, if a business serves customers overseas, bitcoin can help avoid international currency payment fees. This is because bitcoins are not tied to a country of origin or national bank. As a result, businesses do not wait for payments to clear a foreign bank or pay the costs. Therefore, these are some of the major bitcoin payments market trends.
Furthermore, major market players are undertaking various strategies to increase the competition and offer enhanced services to their customers for the bitcoin payments market growth. For instance, on April 2022, Crypto lender Nexo partnered with global payments company Mastercard to launch the world's first'crypto-backed' payment card. The payment card, available in selected European countries initially, allows users to spend without having to sell their digital assets such as bitcoin, which are used as collateral to back the credit granted. Moreover, the card is linked to a Nexo-provided, crypto-backed credit line and can be used at 92 million merchants worldwide where Mastercard is accepted, allowing investors to spend up to 90% of the fiat value of their crypto assets. In addition, the card requires no minimum repayments, monthly, or inactivity fees. There are no FX fees for up to 20,000 euros per month. Therefore, these strategies are projected to drive the growth of the bitcoin payments industry.
On the basis of application, the E-commerce segment is the highest growing segment. This is attributed to the fact that payment process in the e-commerce industry for vendors is a complicated process, involving multiple steps such as confirmation of delivery, generation of physical bill by suppliers for exchange, and submission of transport & invoice documents to affiliated banks for payment. In addition, these e-commerce industries are the first industries to adopt bitcoin payment and this sector has already exposed numerous real-world applications to record transactions in a blockchain system.
By region, Asia-Pacific attained the highest growth in 2021 for the bitcoin payments market size. This is attributed to the rise in demand for blockchain across a variety of cross-border payments and wallets for digital identification systems. In addition, other important drivers include the quick development of maintaining transaction records, verifying certificates, and linking bar codes with digital codes, as well as government initiatives and support to simplify documentation processes, cut bureaucracy, and boost government efficiency in the region.
COVID-19 had a moderate impact on the market due to the fluctuation of Bitcoin prices which has destabilize the entire Bitcoin ecosystem. Moreover, increasing concerns about banks’ & financial institutions ability to tackle the new market challenges in the form of revenue pressure, low profitability, tighter regulation, increasing competition, and new digital entrants are major challenging factors to the bitcoin payment market during the pandemic situation.
Key findings of the study
By keys, the private keys segment led the bitcoin payments market in terms of revenue in 2021.By component, the hardware segment accounted for the highest bitcoin payments market share in 2021.
By region, Asia-Pacific generated the highest revenue in 2021.
The key players profiled in the bitcoin payments market analysis are B2BinPay, Binance, Bitpay, Circle Internet Financial Limited, Coingate, Coinpayments, Inc., CoinsPaid, Moon Pay Limited, OpenNode, Paxful, Inc., Paypal, Spectro Finance OU, Utrust, VeriFone, Inc., ZebPay, CONFIRMO, and Plisio, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Companies Mentioned
- B2Binpay
- Binance
- Bitpay
- Circle
- Coingate
- Coinpayments
- Coinspaid
- Moonpay
- Opennode
- Paxful
- Paypal
- Spectrocoin
- Utrust
- Verifone
- Zebpay
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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