BitPay Statistics 2024: Crypto Payments Trends You Can’t Ignore
Barry Elad
Updated · Dec 09, 2024
As cryptocurrency continues to gain traction worldwide, BitPay has emerged as one of the leading payment service providers enabling seamless crypto transactions. The evolution of this platform has mirrored the rapid rise of digital currencies, especially Bitcoin, offering businesses and consumers alike the ability to transact globally with low fees, enhanced security, and growing adoption. In 2024, BitPay’s role as a crypto payment processor is more vital than ever, with increasing usage, new features, and expanding integrations. Understanding the trends and statistics surrounding BitPay offers valuable insights into the broader cryptocurrency payment ecosystem.
Editor’s Choice: Key Milestones and Trends
- BitPay processed over $1 billion in cryptocurrency payments in 2023, marking a 15% increase from 2022.
- The number of BitPay merchants worldwide surpassed 100,000 in 2023, showcasing the growing acceptance of crypto in retail and online commerce.
- Bitcoin remains the most used cryptocurrency, making up 88% of all BitPay transactions in 2023.
- BitPay added support for 15 new cryptocurrencies in 2023, diversifying the range of digital assets accepted by its platform.
- In 2023, BitPay introduced the “USDC Payment Mode”, enabling stablecoin payments for businesses wanting to avoid crypto price volatility.
- Customer satisfaction rates improved by 9%, with BitPay Wallet downloads crossing 10 million users globally by the end of 2023.
- BitPay’s transaction fees remained competitive, with standard processing fees set at 1%, significantly lower than traditional payment processors.
Growth and Usage Statistics
- The volume of transactions handled by BitPay in 2023 increased by 18%, reaching 3.1 million transactions.
- 30% of BitPay’s customers used cryptocurrencies other than Bitcoin, reflecting the growing adoption of altcoins such as Ethereum and Litecoin.
- 60% of businesses using BitPay are based in the United States, while 25% are located in Europe and the remainder spread across Asia and Latin America.
- The average transaction size for BitPay payments in 2023 was approximately $350, indicating its strong use in high-value purchases.
- 1 in 5 BitPay transactions in 2023 was made for purchasing luxury goods such as watches, jewelry, and art.
- BitPay’s B2B payment volume grew by 10%, highlighting the increasing use of cryptocurrency in cross-border business transactions.
- Over 3,000 charities now accept donations through BitPay, with a 30% growth in crypto donations observed in 2023.
Industry and Sector Distribution of Payments
- In 2023, 45% of BitPay transactions came from the e-commerce sector, highlighting the growing acceptance of cryptocurrency payments by online retailers.
- Travel and tourism industries accounted for 20% of all BitPay transactions, with more customers opting to book flights, hotels, and experiences using crypto.
- The luxury goods sector, including high-end jewelry, watches, and fashion, made up 15% of BitPay’s total payment volume in 2023.
- B2B payments represented 10% of total transactions, driven by businesses leveraging crypto for international and large-scale purchases.
- The gaming industry saw a 12% increase in cryptocurrency transactions, with more platforms integrating BitPay as a payment option for in-game purchases and digital goods.
- Charities using BitPay for donations grew by 25%, with non-profit organizations receiving over $100 million in crypto donations in 2023.
- Retail payments (brick-and-mortar stores) accounted for 5% of the total transactions processed by BitPay in 2023, marking a slow but steady rise in in-store crypto payments.
Bitcoin and Altcoin Transaction Shares
- Bitcoin continues to dominate, making up 88% of all transactions processed by BitPay in 2023.
- Ethereum transactions increased, representing 6% of the total transaction volume in 2023, reflecting its growing use for everyday payments.
- Stablecoins like USDC and DAI saw a significant rise, making up 4% of all BitPay transactions, offering users an option to avoid volatility.
- Litecoin and Dogecoin combined accounted for 1.5% of total transactions, mainly due to their popularity for small retail purchases.
- Newer altcoins such as Shiba Inu (SHIB) and Polygon (MATIC), which were added in mid-2023, already account for 0.5% of BitPay’s total transaction volume.
- Bitcoin Cash saw a 2% decline in usage on BitPay from the previous year, now comprising just 1% of transactions.
- BitPay’s addition of 15 new cryptocurrencies in 2023 led to a 7% growth in non-Bitcoin transactions, showing a diversification in payment preferences.
| Cryptocurrency | % of Transactions |
| Bitcoin | 88% |
| Ethereum | 6% |
| Stablecoins (USDC, DAI) | 4% |
| Litecoin & Dogecoin | 1.5% |
| Shiba Inu (SHIB) & Polygon | 0.5% |
| Bitcoin Cash | 1% |
Impact of Crypto Price Fluctuations on Spending
- During periods of high Bitcoin volatility, the number of BitPay transactions made with stablecoins like USDC increased by 20%, as customers sought to avoid price fluctuations.
- In Q1 2023, when Bitcoin surged to over $30,000, there was a 15% increase in high-value transactions (over $1,000) processed through BitPay.
- Ethereum price fluctuations led to 5% fewer transactions during periods of high volatility, indicating users’ hesitancy to spend volatile assets.
- When Bitcoin’s price dropped below $20,000 in late 2022, there was a 10% decline in spending, with users holding off until prices stabilized.
- The use of stablecoins saw a 30% spike during the crypto bear market in 2023, as consumers and merchants opted for price-stable transactions.
- Altcoin transactions increased by 8% during periods of Bitcoin price drops, as users diversified their spending to less volatile cryptocurrencies.
- Despite fluctuations, Bitcoin’s dominance remained resilient, with 88% of BitPay’s total volume consistently being processed through Bitcoin transactions across all market conditions.
| Event/Condition | Impact on Transactions |
| High Bitcoin volatility | +20% increase in stablecoin transactions |
| Bitcoin surge to over $30,000 (Q1 2023) | +15% increase in high-value transactions |
| Ethereum volatility | -5% in Ethereum transactions |
| Bitcoin drop below $20,000 (late 2022) | -10% in overall spending |
| Crypto bear market (2023) | +30% in stablecoin transactions |
| Bitcoin price drop | +8% in altcoin transactions |
BitPay Acceptance Fees and Cost Structure
- BitPay charges a standard 1% transaction fee, significantly lower than traditional credit card processing fees, which average between 2.5% to 3.5%.
- In 2023, BitPay’s B2B clients saved an estimated $5 million in transaction fees by switching from traditional payment systems to BitPay.
- BitPay’s invoice processing system supports over 150 different currencies, allowing businesses to avoid additional conversion fees.
- For high-volume merchants, BitPay offers a custom pricing plan, providing reduced fees for companies processing over $10 million in transactions annually.
- BitPay Wallet users enjoy zero fees when transacting between wallets, encouraging peer-to-peer payments using cryptocurrencies.
- Settlement fees for receiving funds in fiat currency (USD, EUR, etc.) are absorbed by BitPay for businesses in 22 countries, enhancing cost-effectiveness for merchants.
- International payments using BitPay can save businesses up to 5% compared to traditional methods like wire transfers, making it an appealing option for global transactions.
Features That Enhance User Experience
- BitPay’s Payment Verification Protocol reduces transaction errors, ensuring over 99.9% successful payment completion.
- The BitPay Card allows users to convert cryptocurrency to fiat and spend it anywhere that accepts Visa, with no conversion fees for domestic transactions.
- In 2023, BitPay launched a new mobile app update that introduced a user-friendly interface and advanced crypto management features, contributing to a 12% increase in daily active users.
- BitPay’s instant settlement feature allows businesses to receive cryptocurrency payments instantly, reducing the risk of price volatility.
- Multi-currency support in the BitPay Wallet allows users to store, manage, and spend over 30 different cryptocurrencies from a single app.
- The BitPay Invoice Tool offers businesses a simple interface to create invoices, enabling easier tracking of payments and offering automated reminders for overdue invoices.
- BitPay’s QR code payment feature saw a 20% increase in usage for in-store payments in 2023, with customers favoring its speed and convenience.
Key Payment Innovations and Security Features
- BitPay introduced multi-signature wallet support in 2023, adding an extra layer of security for businesses managing large sums of cryptocurrency.
- Blockchain-based fraud detection reduced fraudulent payment attempts by 50% in 2023, providing enhanced security for BitPay merchants.
- Two-factor authentication (2FA) became mandatory for all BitPay accounts in 2023, improving overall account security and reducing unauthorized access incidents by 40%.
- The BitPay API was enhanced to support real-time payment notifications, allowing merchants to receive instant updates on transaction status, improving efficiency.
- Cold storage solutions for BitPay merchants were improved, offering enhanced security for large cryptocurrency holdings, making it one of the safest platforms for managing digital assets.
- BitPay now integrates with Ledger hardware wallets, giving users additional protection for their crypto holdings through secure offline storage.
- End-to-end encryption was implemented across all BitPay transactions in 2023, ensuring the safety of sensitive customer and merchant data.
BitPay vs. PayPal: A Comparative Analysis
- Transaction fees for BitPay are 1%, whereas PayPal fees can range from 2.9% to 4.5% depending on the country and transaction type.
- Cryptocurrency acceptance: BitPay supports over 30 cryptocurrencies, while PayPal supports only 4 cryptocurrencies (Bitcoin, Ethereum, Litecoin, and Bitcoin Cash).
- Settlement times: BitPay offers instant settlement in cryptocurrencies, while PayPal can take up to 1-3 business days for cryptocurrency sales to convert to fiat.
- Merchant reach: BitPay works with over 100,000 merchants, while PayPal, having a broader reach, operates with over 30 million businesses globally.
- Security: Both platforms offer robust security, but BitPay’s use of blockchain technology and multi-signature wallets provides an extra layer of protection.
- PayPal charges additional fees for international transactions, while BitPay offers lower fees for cross-border payments, making it a more affordable option for global businesses.
- PayPal’s crypto purchase limits are capped at $20,000 per week, while BitPay allows for much higher transaction limits, supporting large-scale purchases.
| Feature/Metric | BitPay | PayPal |
| Transaction fees | 1% | 2.9%-4.5% depending on region |
| Supported cryptocurrencies | 30+ | 4 |
| Settlement time | Instant | 1-3 business days |
| Merchant reach | 100,000+ | 30 million+ |
| International fees | Lower | Higher |
| Crypto transaction limits | High | Capped at $20,000 per week |
Recent Developments
- In early 2024, BitPay announced the launch of NFT payment processing, allowing businesses and individuals to purchase and sell NFTs using cryptocurrency.
- BitPay’s integration with Shopify in late 2023 led to a 15% increase in merchants using the platform, making it easier for e-commerce businesses to accept crypto payments.
- BitPay expanded support to include Polygon (MATIC) in 2023, further increasing its list of supported altcoins and providing users with more options for payments.
- BitPay launched its Bitcoin Lightning Network integration in Q4 2023, allowing faster and more cost-efficient transactions, which has already seen a 10% uptake by merchants.
- The BitPay Prepaid Card saw a 20% growth in new activations in 2023, as more users sought to spend their cryptocurrency seamlessly in daily life.
- Environmental initiatives: BitPay committed to becoming a carbon-neutral company by 2025, supporting green energy projects and offsetting its carbon footprint through crypto donations.
- Partnership with Revolut: In late 2023, BitPay partnered with Revolut, allowing users to connect their BitPay accounts directly to the Revolut app, simplifying crypto spending for users globally.
Conclusion
As 2024 unfolds, BitPay continues to drive innovation in the cryptocurrency payment space, providing both businesses and consumers with secure, efficient, and low-cost solutions for digital transactions. With the growing acceptance of cryptocurrency across various industries, BitPay’s role is likely to expand, offering even more diverse features and integrations. The platform’s commitment to security, cost-effectiveness, and user experience ensures that it will remain a key player in the rapidly evolving landscape of crypto payments.
Sources
Barry Elad
Barry Elad is a dedicated tech and finance enthusiast, passionate about making technology and fintech concepts accessible to everyone. He specializes in collecting key statistics and breaking down complex information, focusing on the benefits that software and financial tools bring to everyday life. Figuring out how software works and sharing its value with users is his favorite pastime. When he's not analyzing apps or programs, Barry enjoys creating healthy recipes, practicing yoga, meditating, and spending time in nature with his child. His mission is to simplify finance and tech insights to help people make informed decisions.
