The use of digital assets to make payments is growing, according to a recently published study. It reveals that cryptocurrency’s role as a viable means of payment has been expanding and this year’s market rebound has increased the turnover of crypto payments. The report suggests that debit cards linked to digital currency wallets will remain an important tool until wider adoption of direct cryptocurrency payments.
Crypto Payments Industry Expands With Growing Markets
The study highlights a general correlation between upward market trends and the expansion of the crypto payments industry. Its Compound Annual Growth Rate (CAGR) increased 21% between 2014 and 2015 and jumped over 600% two years later. But even during the bearish 2018, when the price of major cryptocurrencies took a hit, the sector’s CAGR expanded by around 90% year over year. The recovery that started this year has had a positive effect and the rising volume of payments this spring indicates that the recession is over.