The recently resealed research report, titled, “Global Payment Global Payment Processing Solutions Market, reveals that the globally used credit card payment system would reach a whopping sixty-two billion dollars ($62b) by 2024.
The research report published by research firm KBV Research further reveals that the market is growing at an almost ten percent (9.9%) rate.
On the other hand, the cryptocurrency market reached a total market cap of seven hundred and ninety-five billion dollars on the 8th of January, 2018 before the crash.
The Coin Market Cap reveals that the current market capital is three hundred and twenty-six billion ($26b) dollars. Whereas, the past twenty-four hours transaction volume stands at a whopping eighty-eight billion dollars, which is still more than the predicted credit card market size by 2024.
Whereas, for the credit card market, the report reveals that the North America market is dominating the overall scenario, with a growth rate of almost eight percent (7.8%) during the forecasted period. This is also because North America covers developed countries like the US and Canada.
The report claims that North Americans mostly prefer credit card payments at both point-of-sale (POS) and online the European market is expected to witness a CAGR of over eight percent (8.1%) from the year 2018 to 2024.
Additionally, The Asia Pacific market is expected to witness a CAGR of 10.1% during (2018 – 2024). The hospitality industry is among the major contributors and one of the fastest-growing verticals within the payment processing solutions market.
Despite all efforts, cryptocurrency doesn’t really need a competition. But on the other side, integrating cryptocurrency into the global credit card and payment processing system can increase the total market size.
With such an increase, the total market size would be three hundred and twenty-billion dollars ($326b) more in a matter of months.