Cryptocurrency Payment Apps Statistics


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Cryptocurrency Payment Apps Statistics 2023: Facts about Cryptocurrency Payment Apps outlines the context of what’s happening in the tech world.

LLCBuddy editorial team did hours of research, collected all important statistics on Cryptocurrency Payment Apps, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

Are you planning to form an LLC? Maybe for educational purposes, business research, or personal curiosity, whatever the reason is – it’s always a good idea to gather more information about tech topics like this.

How much of an impact will Cryptocurrency Payment Apps Statistics have on your day-to-day? or the day-to-day of your LLC Business? How much does it matter directly or indirectly? You should get answers to all your questions here.

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Top Cryptocurrency Payment Apps Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 39 Cryptocurrency Payment Apps Statistics on this page 🙂

Cryptocurrency Payment Apps “Latest” Statistics

  • Over 70% of women state that they are aware of the existence of Bitcoin and cryptocurrencies.[1]
  • Around 23% of all cryptocurrency miners’ earnings go into keeping their electrical rigs running.[1]
  • Bitcoin had a 100% market share when it was initially launched and was the sole digital money.[1]
  • According to App Radar Statistics, the number of crypto app downloads on Google Play increased by 560%, from 13.5 million in 2020 to over 82.9 million.[2]
  • Bitcoin has grown to be Cash App’s top income generator, accounting for 76% of its total revenue in 2020.[3]
  • Businesses were paid a 1.5% fee for every transaction, but consumers may transfer money to friends for free; therefore, this was the first step towards monetization.[3]
  • In 2020, 81.2% of customers will have devices that enable Walmart Pay, compared to 36% of consumers who will have Apple Pay.[4]
  • Because mobile wallets are handier than conventional payment methods, 66% of people admit that they use them often.[4]
  • Mobile payments accounted for 44.5% of all ecommerce transactions, which is twice that of debit card payments and tripled that of debit card payments.[4]
  • 25.7% of POS payments were made in 2021 using mobile wallets, according to data on global payments.[4]
  • Bitpay, the largest share of payment service providers, was used by 29% of cryptocurrency payments.[4]
  • With a compound annual growth rate of 80% from 2015 to 2020, in-store mobile payments will reach $503 billion.[4]
  • In 2019, there were more than 10 billion apple pay transactions, and in 2020, this platform will account for 92% of all debit, credit, and wallet transactions.[4]
  • According to several research, 44% of males and just 26% of women use mobile wallets to spend money.[4]
  • A gift card or reload card was used by around 28% of those who reported losing money to a romance scam in 2021, followed by Bitcoin (18%).[5]
  • Compared to 37% in 2020, 18% in 2019, and 11% in 2021, 49% of fraud complaints to the FTC using cryptocurrencies as the payment method said that the scheme originated on social media.[6]
  • Approximately 91% of fraud complaints within this time period that used cryptocurrencies as the payment mechanism contained age information.[6]
  • In fraud complaints to the FTC from January 2021 to march 2022, Bitcoin was recognized as the payment mechanism for 24% of reported cash losses.[6]
  • The cryptocurrency was reported as having been used to pay for 39% of that total, followed by bank transfer or payment at 20% and wire transfer at 9%.[6]
  • The market for cryptocurrency payment apps is anticipated to expand at a CAGR of around 13.4% from 2022 to 2028.[7]
  • Insights into operating systems in 2021, the android market segment led with a share of more than 56% of worldwide revenue.[8]
  • Regional perspectives in 2021, North America led the market and generated over 32% of worldwide revenue.[8]
  • In 2021, the Bitcoin market sector had a monopoly and generated more than 39% of worldwide revenue.[8]
  • From 2022 to 2030, the market for Bitcoin payment applications is projected to increase at a compound annual growth rate of 16.6%, reaching 2.15 billion.[8]
  • In 2021, the in-store payment sector led the market, bringing in more than 67% of worldwide revenue.[8]
  • According to Brandessence Market Research, the market for worldwide cryptocurrency payment gateways is expanding at a CAGR of about 23%.[9]
  • Of the 74% of respondents who are acquainted with crypto but do not currently possess any, 41% cite a lack of functional knowledge as a major deterrent to using cryptocurrency as evidence of untapped potential.[10]
  • 11% say they only think about doing so if they know they can use a digital wallet or don’t have any plans to make any purchases.[10]
  • 31% say BNPL was a replacement for a debit card or cash, while another 39% say they selected BNPL over using a credit card.[10]
  • 30% said they used this kind of service to finance a purchase.[10]
  • 43% of crypto owners, both past and current, claim that its financial potential is what drives them.[10]
  • 29% of the respondents who used BNPL said they would have made a lower purchase or not bought at all without a financing option.[10]
  • The usage of digital payments across all channels is increasing over time, despite a decline from its record high of 58% in the year 2020.[10]
  • 43% of males in the age range of 18 to 29 claim they have ever traded, invested in, or utilized a cryptocurrency, compared to 19% of women in the same group.[11]
  • Americans with higher earnings are 31% more likely to have heard a lot about Bitcoin than those with middle-class incomes of 25% and lower incomes of 21%.[11]
  • 1% of individuals claimed to have ever acquired, exchanged, or used Bitcoin, while 48% of adults claimed to have heard of it to some extent.[11]
  • Compared to 29% of Hispanic people and around a quarter of black or white adults, 43% of Asian Americans say they have heard a lot about cryptocurrencies.[11]
  • 86% of Americans believe they have heard at least a little about cryptocurrencies, with 24% saying they have heard a lot.[11]
  • Approximately 31% of Americans between the ages of 18 and 29 reported having ever purchased, exchanged, or used a cryptocurrency like Bitcoin or ether, compared to lesser percentages of persons in older age categories.[11]

Also Read

How Useful is Cryptocurrency Payment Apps

One of the key benefits of using cryptocurrency payment apps is the speed at which transactions can be processed. Traditional banking systems often require several days to complete a transfer, especially for international payments. With cryptocurrency payment apps, transactions can be completed in a matter of seconds, enabling businesses to operate more efficiently and individuals to send money to loved ones in an instant.

Another advantage of using cryptocurrency payment apps is the increased security they provide. Cryptocurrencies are built on blockchain technology, which adds an extra layer of protection against fraudulent activity. Each transaction is verified by multiple parties in the network, making it nearly impossible for hackers to alter or intercept payments. This level of security is particularly important in an era where cybercrime is on the rise.

Cryptocurrency payment apps also offer greater privacy and anonymity compared to traditional payment methods. Unlike credit cards or bank transfers, which require personal information to process transactions, cryptocurrency payments can be made without revealing any sensitive data. This not only reduces the risk of identity theft but also protects individuals’ financial information from being accessed by malicious actors.

Furthermore, cryptocurrency payment apps have the potential to make financial transactions more inclusive and accessible to individuals who are underserved by traditional banking systems. In many parts of the world, people do not have access to basic financial services, such as bank accounts or credit cards. Cryptocurrency payment apps can bridge this gap, enabling individuals to participate in the global economy and access essential services such as remittances, loans, and investments.

Despite these benefits, there are also some drawbacks to consider when using cryptocurrency payment apps. One of the main concerns is the volatility of the cryptocurrency market. The value of cryptocurrencies can fluctuate dramatically within short periods, making it risky for individuals to hold and transact in digital assets. This volatility can also impact the stability of businesses that rely on cryptocurrency payments, as sudden price changes can affect their profit margins.

Another hurdle to widespread adoption of cryptocurrency payment apps is the lack of regulatory oversight. As cryptocurrencies operate independently of central banks and governments, there are few regulations in place to protect consumers and businesses from fraud or misuse. This lack of oversight can lead to potential risks, such as money laundering, tax evasion, and illegal activities facilitated through cryptocurrency transactions.

In conclusion, cryptocurrency payment apps have the potential to transform the way we handle financial transactions, offering speed, security, and privacy that traditional payment methods cannot match. However, it is essential for individuals and businesses to educate themselves about the risks and challenges associated with using cryptocurrency payment apps. By addressing these concerns and working towards increased regulation and transparency in the cryptocurrency space, we can fully realize the benefits of this innovative technology while minimizing its drawbacks.

Reference

  1. buybitcoinworldwide – https://buybitcoinworldwide.com/cryptocurrency-statistics/
  2. adjust – https://www.adjust.com/blog/crypto-adoption-and-app-downloads-skyrocket-in-2021/
  3. businessofapps – https://www.businessofapps.com/data/cash-app-statistics/
  4. emizentech – https://www.emizentech.com/blog/mobile-payment-statistics-facts.html
  5. ftc – https://www.ftc.gov/news-events/data-visualizations/data-spotlight/2022/02/reports-romance-scams-hit-record-highs-2021
  6. ftc – https://www.ftc.gov/news-events/data-visualizations/data-spotlight/2022/06/reports-show-scammers-cashing-crypto-craze
  7. globenewswire – https://www.globenewswire.com/en/news-release/2022/07/14/2479504/0/en/Global-Cryptocurrency-Payment-Apps-Market-to-Grow-Substantially-at-13-4-CAGR-from-2022-to-2028-Report-by-Vantage-Market-Research.html
  8. grandviewresearch – https://www.grandviewresearch.com/industry-analysis/cryptocurrency-payment-apps-market-report
  9. insiderintelligence – https://www.insiderintelligence.com/content/stripe-s-expansion-beyond-traditional-payments-yields-app-marketplace-new-crypto-payments
  10. mckinsey – https://www.mckinsey.com/industries/financial-services/our-insights/banking-matters/new-trends-in-us-consumer-digital-payments
  11. pewresearch – https://www.pewresearch.org/fact-tank/2021/11/11/16-of-americans-say-they-have-ever-invested-in-traded-or-used-cryptocurrency/

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