Topic: Crypto payments (2024)

›
Financial Services

Crypto and stablecoins are widely known as investment tools or an asset to trade, but how often are they used as a means of payment in day-to-day transactions? Several reports and surveys established a picture of such digital currencies being a relatively uncommon payment option. Figures on the world's most popular e-commerce payment methods estimated private cryptocurrencies and stablecoins at less than 0.2 percent of global e-commerce transaction value in 2022. Central bank representatives also noted in response to a December 2022 survey that cryptocurrency or stablecoin use in regular payment transactions was either trivial or limited. The respondents believed cryptoassets only saw some use in remittances. A different survey added that if consumers did decide to use cryptocurrency, the most popular product to buy was not fashion or hardware but mobile data.

Nevertheless, Ferrari started to accept cryptocurrency payments in the U.S. in October 2023 and hopes to roll out this scheme in Europe. PayPal created its own stablecoin in August 2023. Why would companies do this? Is the crypto payments market, for instance, expected to grow significantly?

Retailers hope to gain an advantage

Merchants seem enthusiastic about the idea of crypto payments. Predictions are that multiple different e-commerce vendors hope to offer crypto payments on their websites come 2024. The main drivers for this are opportunities to broaden their customer base, improve customer journeys, and potentially lower transaction fees. Cryptocurrency transactions can either be accepted directly - with the merchant accepting Bitcoin or Ethereum "as is" - or they can use a third-party aggregator, which helps convert the transaction to U.S. dollars. One such intermediary is BitPay, which mostly processed crypto transactions for gift cards in 2023. Yet, merchants and consumers did approach crypto payment differently from each other. Consumers in late 2021 hoped to use crypto as a payment method for travel, whereas the industry that focused on these payments the most was luxury goods.

Crypto payments still have to overcome regulatory obstacles

Cryptocurrency payments are forecast to grow at a compound annual growth rate (CAGR) of nearly 17 percent between 2022 and 2029. One of the biggest challenges for this market is regulation. PayPal, for example, received a subpoena from the U.S. Securities and Exchange Commission (SEC) on its stablecoin in November 2023 - four months after its initial launch. The regulator took an active stance after the collapse of stablecoin TerraUSD in 2022, which caused a crypto market crash. Additionally, cryptocurrency was also a major source of payment fraud in the United States in 2022. Perhaps consequently, cryptocurrency used for payments is predicted to be a far smaller market than the predicted transaction value of CBDC - the attempts from central banks to use blockchain technology to digitalize fiat currencies like the euro.

This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.

Raynor de Best

Content expert covering payments and (crypto)currencies

Published by Raynor de Best, Feb 29, 2024

Key insights

Main reason to use cryptocurrencies in online shopping: Crypto is the future

Detailed statistics

Main reasons why consumers want to use crypto for shopping 2022

Most popular good or service to buy with crypto: Mobile data, airtime top-up

Detailed statistics

Popular goods and services to buy with crypto 2022, by gender and income group

Main problem faced when trying to pay with crypto: Store/product not available

Detailed statistics

Perceived issues when using crypto for online purchases 2022, by age and income group

Get more insights

Editor’s Picks Current statistics on this topic

CurrenciesPenetration of crypto as a means of payment in selected countries worldwide in 2023

CurrenciesTransaction value of crypto gateway payments worldwide in 2023, with a 2030 forecast

PaymentsMain reasons why consumers want to use crypto for shopping 2022

Further recommended statistics

Premium Statistic Share of all stablecoin in overall crypto market cap on June 21, 2024
Share of all stablecoin in overall crypto market cap on June 21, 2024
Distribution of stablecoin against Bitcoin (BTC), Ethereum (ETH) and other crypto, based on market capitalization on June 21, 2024
Premium Statistic Crypto payments use cases worldwide, as perceived by central banks in 2022
Crypto payments use cases worldwide, as perceived by central banks in 2022
Use of cryptocurrency as a payments method outside the crypto ecosystem according to central banks worldwide in 2022
Premium Statistic Opinion of banks whether to adopt digital assets (crypto, stablecoin, CBDC) 2023-2025
Opinion of banks whether to adopt digital assets (crypto, stablecoin, CBDC) 2023-2025
Approaches taken by banks on future adoption of digital assets - cryptocurrency, stablecoin, central bank digital currency (CBDC) - as of 2023
Premium Statistic Market cap of 120 crypto - incl stablecoin, NFT, DeFi, metaverse - on August 5, 2024
Market cap of 120 crypto - incl stablecoin, NFT, DeFi, metaverse - on August 5, 2024
Biggest cryptocurrency in the world - both coins and tokens - based on market capitalization on August 5, 2024 (in billion U.S. dollars)
Premium Statistic Monthly market share of 16 different crypto exchanges 2023-2024
Monthly market share of 16 different crypto exchanges 2023-2024
Biggest cryptocurrency exchanges based on trade volume market share from June 2023 to June 2024
Premium Statistic Opinion of central banks on whether blockchain has a future in payments after 2023
Opinion of central banks on whether blockchain has a future in payments after 2023
Future role of blockchain or distributed ledger technology in payments systems, according to central banks in 2023
Premium Statistic Stablecoin payments use cases worldwide, as perceived by central banks in 2022
Stablecoin payments use cases worldwide, as perceived by central banks in 2022
Use of stablecoins as a payments method outside the crypto ecosystem according to central banks worldwide in 2022
See Also
Cryptocurrency Statistics 2024
Premium Statistic Penetration of crypto as a means of payment in selected countries worldwide in 2023
Penetration of crypto as a means of payment in selected countries worldwide in 2023
Market share of cryptocurrency compared to other payment methods in selected countries across the world as of 2023
Premium Statistic Daily 24h volume of all crypto combined up to August 5, 2024
Daily 24h volume of all crypto combined up to August 5, 2024
Overall cryptocurrency 24 hour trade volume from July 1, 2020, to August 5, 2024 (in billion U.S. dollars)
Premium Statistic Stablecoin payments worldwide as perceived by central banks in 2022, by region
Stablecoin payments worldwide as perceived by central banks in 2022, by region
Use of stablecoins as a payments method outside the crypto ecosystem in advanced economies versus emerging economies, according to central banks worldwide in 2022
Premium Statistic Investment value in cryptocurrency and blockchain Singapore 2020-2022
Investment value in cryptocurrency and blockchain Singapore 2020-2022
Value of investments in cryptocurrency and blockchain in Singapore from 2020 to 2022 (in billion U.S. dollars)
Premium Statistic Market cap ranking of 69 stablecoin on June 25, 2024
Market cap ranking of 69 stablecoin on June 25, 2024
Market capitalization of 74 different stablecoins on June 25, 2024 (in billion U.S. dollars)
Premium Statistic Transaction value of crypto gateway payments worldwide in 2023, with a 2030 forecast
Transaction value of crypto gateway payments worldwide in 2023, with a 2030 forecast
Market size of cryptocurrency payments within payment gateways worldwide in 2023, with a forecast for 2030 (in billion U.S. dollars)
Premium Statistic Most promising options for central banks to help improve cross-border payments 2023
Most promising options for central banks to help improve cross-border payments 2023
Key avenues that central bank consider to have the most promise to improve cross-border payments in 2022 and 2023
Premium Statistic Estimate of the monthly number of cryptocurrency users worldwide 2016-2024
Estimate of the monthly number of cryptocurrency users worldwide 2016-2024
Number of identity-verified cryptoasset users from 2016 to June 2024 (in millions)
Premium Statistic Crypto market size in B2C e-commerce payments worldwide 2022, with forecast for 2026
Crypto market size in B2C e-commerce payments worldwide 2022, with forecast for 2026
Value and share of cryptocurrency in consumer (B2C) transactions in global e-commerce in 2022, with a forecast for 2026
Premium Statistic Annual crypto adoption development in the UK 2020-2023, by metric
Annual crypto adoption development in the UK 2020-2023, by metric
Crypto Adoption Index ranking of the United Kingdom (UK) from 2020 to 2023, by metric
Premium Statistic Annual crypto adoption development in Argentina 2020-2023, by metric
Annual crypto adoption development in Argentina 2020-2023, by metric
Crypto Adoption Index ranking of Argentina from 2020 to 2023, by metric
Premium Statistic Annual crypto adoption development in Canada 2020-2023, by metric
Annual crypto adoption development in Canada 2020-2023, by metric
Crypto Adoption Index ranking of Canada from 2020 to 2023, by metric
Premium Statistic Annual crypto adoption development in France 2020-2023, by metric
Annual crypto adoption development in France 2020-2023, by metric
Crypto Adoption Index ranking of France from 2020 to 2023, by metric
Premium Statistic Annual crypto adoption development in Colombia 2020-2023, by metric
Annual crypto adoption development in Colombia 2020-2023, by metric
Crypto Adoption Index ranking of Colombia from 2020 to 2023, by metric
Premium Statistic Annual crypto adoption development in Germany 2020-2023, by metric
Annual crypto adoption development in Germany 2020-2023, by metric
Crypto Adoption Index ranking of Germany from 2020 to 2023, by metric
Premium Statistic Annual crypto adoption development in Spain 2020-2023, by metric
Annual crypto adoption development in Spain 2020-2023, by metric
Crypto Adoption Index ranking of Spain from 2020 to 2023, by metric
Premium Statistic Annual crypto adoption development in Brazil 2020-2023, by metric
Annual crypto adoption development in Brazil 2020-2023, by metric
Crypto Adoption Index ranking of Brazil from 2020 to 2023, by metric
Premium Statistic Opinion on use cases of stablecoin and/or CBDC in payments 2022
Opinion on use cases of stablecoin and/or CBDC in payments 2022
Perceived use cases for stablecoins and/or central bank digital currency (CBDC) in payments as of 2022, according to respondents
Global VC, PE and M&A investments in blockchain and cryptocurrency 2018-2022
Value of venture capital, private equity and M&A investments made in blockchain and cryptocurrency worldwide from 2018 to H1 2022 (in billion U.S. dollars)
Premium Statistic Biggest cryptocurrency wallets in Brazil 2015-2024, based on downloads
Biggest cryptocurrency wallets in Brazil 2015-2024, based on downloads
Biggest wallets for cryptocurrency storage in Brazil from 1st quarter of 2015 to 2nd quarter of 2024, by number of downloads
Basic Statistic Price comparison and price change of the top 100 crypto as of August 5, 2024
Price comparison and price change of the top 100 crypto as of August 5, 2024
Price development of the top 100 cryptocurrencies as of August 5, 2024 (in U.S. dollars)
Premium Statistic Cryptocurrency use cases in the U.S. 2023, by age, gender, income, race
Cryptocurrency use cases in the U.S. 2023, by age, gender, income, race
Share of respondents who said they used cryptocurrency either for investments or transaction in the United States in 2023, by age, gender, income, and race
Premium Statistic Annual crypto adoption development in Mexico 2020-2023, by metric
Annual crypto adoption development in Mexico 2020-2023, by metric
Crypto Adoption Index ranking of Mexico from 2020 to 2023, by metric
Premium Statistic Annual crypto adoption development in the U.S. 2020-2023, by metric
Annual crypto adoption development in the U.S. 2020-2023, by metric
Crypto Adoption Index ranking of the United States from 2020 to 2023, by metric
Basic Statistic Top 100 crypto exchanges in the world based on 24h trade volume on August 21, 2024
Top 100 crypto exchanges in the world based on 24h trade volume on August 21, 2024
Largest cryptocurrency exchanges based on 24h trade volume in the world on August 21, 2024 (in billion U.S. dollars)
Premium Statistic Quarterly number of crypto users in the U.S. 2021-2022
Quarterly number of crypto users in the U.S. 2021-2022
Estimated number of people who hold or trade cryptocurrency in the United States from 4th quarter of 2021 to 4th quarter of 2022
Premium Statistic Quarterly number of crypto users in Canada 2021-2022
Quarterly number of crypto users in Canada 2021-2022
Estimated number of people who hold or trade cryptocurrency in Canada from 4th quarter of 2021 to 4th quarter of 2022
Premium Statistic Quarterly number of crypto users in Germany 2021-2022
Quarterly number of crypto users in Germany 2021-2022
Estimated number of people who hold or trade cryptocurrency in Germany from 4th quarter of 2021 to 4th quarter of 2022
Premium Statistic Quarterly number of crypto users in the UK 2021-2022
Quarterly number of crypto users in the UK 2021-2022
Estimated number of people who hold or trade cryptocurrency in the United Kingdom (UK) from 4th quarter of 2021 to 4th quarter of 2022
Premium Statistic Quarterly number of crypto users in Italy 2021-2022
Quarterly number of crypto users in Italy 2021-2022
Estimated number of people who hold or trade cryptocurrency in Italy from 4th quarter of 2021 to 4th quarter of 2022
Premium Statistic Quarterly number of crypto users in Brazil 2021-2022
Quarterly number of crypto users in Brazil 2021-2022
Estimated number of people who hold or trade cryptocurrency in Brazil from 4th quarter of 2021 to 4th quarter of 2022
Premium Statistic Quarterly number of crypto users in Mexico 2021-2022
Quarterly number of crypto users in Mexico 2021-2022
Estimated number of people who hold or trade cryptocurrency in Mexico from 4th quarter of 2021 to 4th quarter of 2022
Premium Statistic Quarterly number of crypto users in France 2021-2022
Quarterly number of crypto users in France 2021-2022
Estimated number of people who hold or trade cryptocurrency in France from 4th quarter of 2021 to 4th quarter of 2022
Premium Statistic Quarterly number of crypto users in Colombia 2021-2022
Quarterly number of crypto users in Colombia 2021-2022
Estimated number of people who hold or trade cryptocurrency in Colombia from 4th quarter of 2021 to 4th quarter of 2022
Premium Statistic Quarterly number of crypto users in Spain 2021-2022
Quarterly number of crypto users in Spain 2021-2022
Estimated number of people who hold or trade cryptocurrency in Spain from 4th quarter of 2021 to 4th quarter of 2022
Premium Statistic Quarterly number of crypto users in Sweden 2021-2022
Quarterly number of crypto users in Sweden 2021-2022
Estimated number of people who hold or trade cryptocurrency in Sweden from 4th quarter of 2021 to 4th quarter of 2022
Premium Statistic Quarterly number of crypto users in the Netherlands 2021-2022
Quarterly number of crypto users in the Netherlands 2021-2022
Estimated number of people who hold or trade cryptocurrency in the Netherlands from 4th quarter of 2021 to 4th quarter of 2022
Premium Statistic Cryptocurrency adoption index ranking Indonesia 2023, by metric
Cryptocurrency adoption index ranking Indonesia 2023, by metric
Cryptocurrency adoption index ranking in Indonesia in 2023, by metric
Premium Statistic Revenue share cryptocurrency transaction fees in South Korea 2022, by crypto exchange
Revenue share cryptocurrency transaction fees in South Korea 2022, by crypto exchange
Share of revenue generated from cryptocurrency transaction fees in South Korea in the 1st half of 2022, by crypto exchange
Premium Statistic Tradeable amount of cryptocurrency tokens in South Korea 2022, by crypto exchange
Tradeable amount of cryptocurrency tokens in South Korea 2022, by crypto exchange
Number of tradeable cryptocurrency tokens listed in South Korea as of November 2022, by crypto exchange
Premium Statistic Annual number of crypto assets of PayPal 2022-2023
Annual number of crypto assets of PayPal 2022-2023
Total number of cryptocurrency holdings held by custodians for PayPal in 2022 and 2023 (in millions)
Premium Statistic Weekly market cap of all cryptocurrencies combined up to August 2024
Weekly market cap of all cryptocurrencies combined up to August 2024
Overall cryptocurrency market capitalization per week from July 2010 to August 2024 (in billion U.S. dollars)
Premium Statistic Share of cryptocurrency payments in impersonations U.S. 2020-2023
Share of cryptocurrency payments in impersonations U.S. 2020-2023
Share of cryptocurrency payments in government and company impersonations the United States in 2020 and 2023