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Web3 Payments Market Size & Trends
The Web3 Payments Market is projected to grow from USD 1.6 billion in 2022 to USD 54.52 billion by 2032, at a compound annual growth rate (CAGR) of 48.20%. This rise is being driven by the growing popularity of cryptocurrencies and blockchain technology, the emergence of decentralised finance (DeFi), and the expanding need for rapid and global payments. The main factors driving the market’s growth are blockchain technology, the emergence of cryptocurrencies like bitcoin, Ethereum, and many more, Defi (Decentralised Finance), non-fungible tokens that represent distinctive digital assets, smart contracts, globalization and cross-border transactions, financial inclusion, and the improved privacy features that some web3 technologies offer.
TOP Manufacturers Listed in Web3 Payments Market Report are: –
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Furthermore, the payments industry is adopting blockchain technology due to its security advantages. Because blockchain transactions are encrypted using cryptographic techniques, they are very difficult to hack or fraudulently process. Furthermore, because blockchain technology is decentralised, there isn’t a single point of exposure to cyberattacks. Financial institutions, governments, and businesses handling sensitive data and high-value transactions are especially drawn to this increased protection. Because of this, blockchain technology is being applied more and more in a variety of industries to improve cybersecurity, safeguard intellectual property, and secure digital identities.
Another strong motivator is blockchain’s effectiveness in settling transactions. Conventional cross-border payments incur significant costs and delays since they involve numerous middlemen and can take several days. Blockchain-based solutions provide far lower transaction costs and almost instantaneous settlement.
This could transform cross-border trade and remittances by enabling quicker, more affordable, and easier transactions. Additionally, the automated and self-executing agreements made possible by blockchain’s programmable smart contracts do away with the need for middlemen in contract administration and save administrative overhead.
Moreover, it is impossible to overestimate the significance of blockchain for financial inclusion. It could introduce billions of underbanked and unbanked people into the world economy. Anyone can use blockchain-based financial services, send and receive payments, save, invest, and get credit with just a smartphone and internet connection. This has the potential to eradicate global income inequality, promote economic growth, and help pull people out of poverty.
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Market Segment Insights:
Based on type, the global Web3 Payments market is divided into public, private, consortium, and hybrid segments. With 41.45% of market revenue, the hybrid segment dominated the market.
Based on application, the worldwide Web3 Payments market is divided into segments: payments, smart contracts, cryptocurrencies, conversational AI, data & transaction storage, and others.
The report offers market information for North America, Europe, Asia-Pacific, and the rest of the world, broken down by region. In 2022, the Web3 Payments Market in North America held a 45.80% market share. Blockchain and Web3 technologies have developed because of North America’s strong technology infrastructure, especially in the United States and Canada. Many blockchain firms and pioneers are based in major tech hubs such as Silicon Valley. In addition, the Web3 Payments market in the United States had the most market share, while the Web3 Payments market in Canada was expanding at the quickest rate on the North American continent.
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