Web3 payments Industry Overview:
The Web3 payments market refers to the ecosystem enabling digital transactions on decentralized blockchains and distributed ledger technology. As opposed to traditional fintech and digital payments, Web3 payments aim to remove intermediaries and establish peer-to-peer transactions using cryptocurrencies and NFTs.
The global Web3 payments market size was valued at $1.6 billion in 2022. It is expected to expand at a compound annual growth rate (CAGR) of 48.20% from 2023 to 2032. Key growth factors include the rising adoption of blockchain-based payments across e-commerce platforms, gaming, entertainment, and other industries. Demand is also driven by the need for faster and cheaper cross-border payment solutions.
Key Web3 Payments Companies Some of the major players operating in the Web3 payments marketplace are:
- Coinbase: A crypto exchange enabling retail users and institutions to trade digital assets
- Binance: An ecosystem of blockchain and cryptocurrency-related tools and services
- Ripple: Provides global financial settlement solutions through its enterprise blockchain network RippleNet
- Circle: Issues stablecoins like USDC and provides payments and treasury infrastructure
- PayPal: Enables users to buy, sell, and hold cryptocurrencies as well as use them for payments
Download Research Sample with Industry Insights:
https://www.marketresearchfuture.com/sample_request/12242
Market Segmentation:
Based on components, the Web3 payments industry is bifurcated into solutions and services. The solutions segment captured the largest revenue share in 2022 on account of the high adoption of payment gateways and processor tools.
In terms of payment type, the market is segmented into peer-to-peer transfers, micropayments, mobile payments, crypto-fiat transactions, and others. P2P transfers dominate the segment owing to the ease of international remittances offered by Web3 networks.
Analysis by vertical indicates that e-commerce accounts for the leading share of the Web3 payments market. This can be attributed to the increasing tendency of online shopping platforms to accept token-based payments.
Top Impacting Factors:
The expanding penetration of blockchain technology across finance, retail, logistics, and healthcare sectors is driving Web3 payments market revenue growth significantly. Furthermore, the ability of Web3 payments to enable automatic reconciliation of invoices, payments, and transaction records while reducing errors and delays will boost segmental growth over 2023-2032.
On the contrary, concerns around regulatory uncertainty, privacy risks, and market manipulation across Web3 networks may restrain adoption among end-use sectors to a certain extent.
Recent Industry Developments In line with recent industry developments, Fractional, a Web3 fintech firm announced a $7 million seed funding round in December 2022. The company aims to broaden crypto ownership and flexibility via on-chain financial applications.
Contact Us:
Market Research Future (Part of Wantstats Research and Media Private Limited)
99 Hudson Street, 5Th Floor
New York, NY 10013
United States of America
+1 628 258 0071 (US)
+44 2035 002 764 (UK)
Email: [email protected]
Website: https://www.marketresearchfuture.com
About Author
