What is Blockchain Payment Tool Market?
Blockchain payment system is drawing a lot of attention for its promising performance and applications. One relevant application or use case we have all seen and heard of is cryptocurrency trading. Blockchain networks are successfully hosting cryptocurrency exchanges such as Bitcoin, Ether etc. Blockchain refers to a ‘chain of blocks. The blocks contain time-stamped digital records of any transactions or data exchange on the distributed network of computers. Blockchain technology was initially used to support the digital currency Bitcoin but is now being explored for various applications that don’t involve bitcoin.
Highlights from Blockchain Payment Tool Market Study
|Unit||Value (USD Million)|
|Key Companies Profiled||Electroneum (United Kingdom), BitPay (United States), Coinomi (United States), Cryptopay (United Kingdom), Blockonomics (India), CoinsPaid (Estonia), Paytomat (Estonia), Confirmo (Singapore) and ZuPago HyBrid (HD) (United Kingdom)|
The rising number of players expected to enter the global market is predicted to enhance the competition level as well as encourage the growth of the overall market in the near future. Players are anticipated to focus on the development of new compounds, which is likely to encourage the growth of the global market throughout the forecast period. Research Analyst at AMA predicts that United Kingdom Players will contribute to the maximum growth of Global Blockchain Payment Tool market throughout the forecasted period. Electroneum (United Kingdom), BitPay (United States), Coinomi (United States), Cryptopay (United Kingdom), Blockonomics (India), CoinsPaid (Estonia), Paytomat (Estonia), Confirmo (Singapore) and ZuPago HyBrid (HD) (United Kingdom) are some of the key players profiled in the study.
Blockchain Payment Tool Market Segmentation:
|Application / End User||BFSI, Retail, Logistics and Healthcare and Lifesciences|
|Type||Cross-Boundary and Non-Cross-Boundary|
|Providers||Application providers,Middleware providers,Infrastructure providers|
On the basis of geography, the market of Blockchain Payment Tool has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Rapid Use of Computers and Mobiles in financial aspects and payments and Increase in Popularity of Blockchain Among Retailers/Distributors for Better Supervision & Data Management
Market Growth Drivers:
Blockchain Innovation has started an lively Discussion among Researchers and Blockchain Payments Represents a Major Cornerstone of Banking and the Cradle of this Technology
Innovative Technologies have the Potential to Modify the Equilibrium Among the Company’s in an Industry
Limited availability of technical skillset for implementing and managing blockchain applications
Increase in Funding and Investments in Blockchain Payment Tools By Key Players, Eventually, new players, which are better ready to use the Po-tential of Blockchain, will give a Strong motivation to this improvement and Technology is Potentially the Absolute most Importantly in IT and has Started a Top to Bottom Overhaul of the Computing Industry
Key Target Audience
BlockChain Payment Tool Developer, Commercial Payment Cards Providers, Research Professionals, Emerging Companies, Government Body & Associations, End user, New Entrants, Research and Development Institutes and Others
On 30th April 2022, Crypto lender Nexo said it has teamed up with global payments company Mastercard to launch what it calls the world's first "crypto-backed" payment card. It signals the latest move by crypto and incumbent financial networks to join forces as digital assets become more mainstream. Nexo said the 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.