Crypto Payments Industry Statistics 2024: Size, Share, and Key Players Revealed
Barry Elad
Updated · Dec 06, 2024
Imagine a world where purchasing a cup of coffee with Bitcoin or Ethereum is as ordinary as swiping a credit card. This is no longer a fantasy but a growing reality. The cryptocurrency payments industry has seen an incredible transformation over recent years, with 2024 anticipated to be a landmark year. The evolution from fringe technology to mainstream payment methods is no longer just a topic for tech enthusiasts; businesses, governments, and everyday consumers are embracing this shift. Let’s explore the latest numbers and trends that outline the progress of crypto payments in the current landscape.
Editor’s Choice: Key Milestones in Crypto Payments
- 90% of financial institutions are investing in crypto payment technology, with a focus on streamlining transactions and enhancing security.
- Global crypto payments are projected to grow by 65% in 2024, reaching nearly $1.3 billion in transaction value.
- By the end of 2024, 25% of businesses worldwide are expected to accept cryptocurrency as a payment method, a stark increase from 18% in 2023.
- Stablecoins, particularly USDT and USDC, are favored by 75% of businesses due to their value stability, enabling smoother transactions without the volatility of traditional cryptocurrencies.
- Cross-border transactions have surged, with 50% of crypto transactions now involving international payments, offering a seamless and cost-effective alternative to traditional remittance channels.
- The average transaction processing time in crypto networks has dropped to 10 minutes or less, a significant improvement from 20 minutes just two years ago.
- Bitcoin Lightning Network transactions are set to account for 40% of Bitcoin’s total transaction volume by 2024, enabling quicker payments at reduced costs.
Crypto Payment Gateways Market Share
- The crypto payment gateway market is highly competitive, with the top five providers capturing nearly 60% of the market share.
- Coinbase Commerce holds the lead with a 24% market share due to its integration with mainstream financial systems and secure transaction protocols.
- BitPay follows closely with an 18% market share, as it’s widely trusted among both consumers and merchants for its extensive crypto options and robust support system.
- Emerging payment gateways like NOWPayments and OpenNode are gaining traction and are expected to grow their market share by 15% and 12% respectively by the end of 2024.
- Asia-Pacific accounts for nearly 35% of the global crypto payment gateway market, followed by North America with 28%, driven by rising adoption in retail and e-commerce.
- 2024 forecasts indicate a 30% growth in Latin America, fueled by regional interest in decentralized financial solutions and high inflation rates in traditional currencies.
- Payment gateway integrations with POS systems are up by 25% from last year, easing crypto acceptance for brick-and-mortar businesses.
- Wallet integrations now represent 70% of crypto payment gateway transactions, showing consumer preference for direct wallet-based payments over third-party platforms.
Crypto Payment Gateways Market Size
- The global crypto payment gateway market size is projected to reach $4.5 billion by the end of 2024, with an annual growth rate of 22%.
- North America leads the market size at $1.2 billion, driven by increased cryptocurrency adoption in retail and a supportive regulatory environment.
- Europe’s market is expected to hit $950 million this year, representing a 30% increase year-over-year, as countries in the EU finalize legislation favoring digital assets.
- Asia-Pacific’s market size is anticipated to grow to $1 billion, with Japan and South Korea seeing a notable rise in crypto-based transactions.
- The B2B sector constitutes 45% of the market, growing due to the demand for efficient cross-border solutions, especially in industries like manufacturing and technology.
- By 2025, 40% of e-commerce sales are expected to involve crypto payments, propelled by high transaction speeds and lower fees.
- Transaction fees on crypto gateways average around 1%, a significant saving compared to traditional credit card fees, which often exceed 3%.
- Market predictions indicate a 40% adoption rate among small businesses in crypto-friendly regions, signaling an expanded footprint beyond large-scale corporations.
Crypto Payment Gateways Market Trends
- Merchant adoption rates have spiked, with 30% of e-commerce platforms integrating crypto payment options by 2024, compared to just 10% in 2022.
- Crypto credit cards are on the rise, offering consumers cashback in cryptocurrencies, with 50% of top crypto payment providers now offering such options.
- Stablecoin transactions have become more prevalent, representing 70% of crypto payments due to reduced volatility, with USDT, USDC, and BUSD leading the way.
- In 2024, 40% of crypto payment providers are expected to support the Lightning Network to enhance payment speeds and reduce transaction costs.
- Web3 wallets now feature in 80% of crypto payment gateway systems, allowing for easier blockchain integration and user interaction.
- Biometric authentication is incorporated by 45% of crypto payment providers, enhancing transaction security as part of the broader trend toward secure mobile payments.
- Cross-chain compatibility has increased, with 35% of platforms now allowing transactions across multiple blockchain networks.
- Zero-confirmation payments are gaining popularity, with 30% of businesses opting for them to further speed up transaction processes.
- The NFT sector has introduced a new trend, as 10% of payment gateways now support direct NFT transactions, catering to the growing market for digital assets.
| Trend | Percentage/Adoption Level |
| E-commerce platforms with crypto payments | 30% |
| Crypto credit cards offering cashback | 50% |
| Stablecoin usage | 70% |
| Providers supporting Lightning Network | 40% |
| Web3 wallet integration | 80% |
| Biometric authentication adoption | 45% |
| Cross-chain compatibility | 35% |
| Zero-confirmation payment adoption | 30% |
| NFT transaction support | 10% |
Key Companies & Market Share Insights
- Binance Pay leads the crypto payments industry with an 18% market share in 2024, driven by its vast user base and global accessibility.
- Coinbase Commerce holds 15% of the market, benefiting from strong trust and integration with traditional banking systems.
- BitPay ranks third with a 12% market share, widely recognized for its user-friendly approach and support for various digital currencies.
- NOWPayments has captured 10% of the market by appealing to small and medium-sized businesses looking to integrate crypto seamlessly.
- MoonPay, notable for its integration with major brands and Web3 initiatives, holds 8% of the market, serving a niche for seamless crypto-to-fiat conversions.
- Alipay and WeChat Pay are gradually entering the crypto space, with projected growth of 5% each by 2025 as they cater to the large digital payment markets in Asia.
- Crypto.com Pay has 6% of the market share, with a notable increase in adoption for its fee-less payment structure and incentives for users.
- PayPal’s crypto service has steadily grown to a 4% market share since its debut, attracting mainstream users and traditional investors to digital assets.
- Revolut is expected to reach 5% of the crypto payment market in Europe by the end of 2024, focusing on integrating cryptocurrency options into traditional banking services.
- Shopify’s blockchain integration has been embraced by 7% of online merchants globally, positioning it as a key player in the e-commerce and crypto payments intersection.
Dominance of Bitcoin and USDT in Transactions
- Bitcoin remains the most used cryptocurrency in payments, representing 45% of all crypto transactions, attributed to its market dominance and widespread acceptance.
- USDT (Tether) is the second most used, accounting for 30% of transactions due to its stable value, making it popular among merchants wary of volatility.
- Ethereum transactions have risen to 12%, thanks to its smart contract capability, which is gaining traction in automated payment systems.
- USDC has captured 8% of the market in 2024, appreciated for its regulatory compliance and steady value, especially in North America.
- BUSD is growing rapidly in Asian markets, now representing 5% of transactions, as it’s favored in Binance-supported regions.
- Bitcoin Lightning Network transactions represent 20% of Bitcoin’s total transaction volume in payments, valued for instant transaction capability.
- Litecoin accounts for 4% of crypto transactions, finding popularity in retail sectors due to lower transaction fees and faster processing times than Bitcoin.
- Dai and other decentralized stablecoins contribute to 2% of total transactions, preferred by a niche of users looking for decentralized alternatives.
- Wrapped Bitcoin (WBTC), used for DeFi and cross-platform applications, accounts for 1% of crypto payments in 2024.
- Dogecoin has surprisingly found a niche in microtransactions, representing 1% of crypto payments, often used for tipping and small online purchases.
Payment Type Insights
- One-time payments account for 85% of all crypto transactions, largely for online purchases and e-commerce use cases.
- Subscription payments are emerging, representing 10% of the crypto payment market as more service-based platforms offer crypto as a billing option.
- Microtransactions using crypto have grown, now representing 20% of transaction volume, popular in gaming and content streaming platforms.
- Cross-border payments make up 40% of all crypto transactions, valued for reducing intermediary fees and providing faster transaction times than traditional remittance methods.
- Point-of-sale (POS) payments using crypto represent 15% of transactions in 2024, with a significant increase seen in retail stores accepting crypto payments.
- DeFi-powered payments have captured 5% of the market, with users opting for DeFi solutions to facilitate transactions without relying on traditional banks.
- Peer-to-peer (P2P) payments have grown by 30%, popular among freelancers and small business owners looking to avoid conventional payment fees.
- In-app purchases using crypto represent 8% of transactions, driven by mobile-friendly wallets and crypto integration in various app ecosystems.
- Recurring donations to non-profits via crypto are emerging, now 5% of total transactions, appealing to users who prioritize transparency.
- Gaming payments using crypto are on the rise, representing 6% of the total transaction volume as crypto becomes a popular asset for in-game purchases and virtual economies.
| Payment Type | Share of Transactions (%) |
| One-time payments | 85% |
| Subscription | 10% |
| Microtransactions | 20% |
| Cross-border | 40% |
| POS payments | 15% |
| DeFi-powered | 5% |
| Peer-to-peer | 30% |
| In-app purchases | 8% |
| Recurring donations | 5% |
| Gaming payments | 6% |
Role of Layer 2 Solutions Like Lightning Network
- Bitcoin’s Lightning Network adoption has surged, facilitating 40% of Bitcoin’s total payment volume with instant, low-fee transactions.
- Polygon’s Layer 2 network supports 60% of Ethereum’s gaming and NFT transactions, reducing gas fees and making crypto payments accessible for smaller transactions.
- Arbitrum processes 12% of Ethereum-based crypto payments, favored for its scalability and integration with DeFi applications.
- Optimism is used in 8% of Layer 2 transactions on Ethereum, known for lowering transaction costs for regular payments and retail crypto use.
- zk-Rollups are becoming more popular, handling 10% of all Ethereum Layer 2 transactions, as they offer faster transaction speeds and increased privacy.
- StarkNet adoption has doubled from last year, now handling 5% of Ethereum transactions by minimizing costs and enabling efficient payment processing.
- Immutable X sees 20% of Layer 2 transaction volume for NFT purchases, providing a zero-gas fee environment for gaming and digital collectibles.
- Loopring is favored for retail crypto transactions, representing 7% of Ethereum’s Layer 2 payments in 2024, as it emphasizes high transaction throughput.
- Lightning Network nodes have grown by 40%, expanding globally, with the most growth seen in North America and Europe.
- Cross-chain Layer 2 solutions are emerging, with 15% of transactions now conducted across different blockchain networks, supporting crypto’s multichain future.
Operating System Insights
- Android remains the preferred OS for crypto transactions, accounting for 65% of mobile crypto payments due to its compatibility with various wallets and apps.
- iOS users make up 30% of crypto transactions, driven by the increasing adoption of secure, user-friendly crypto wallets on iOS devices.
- Linux-based systems power 75% of all Bitcoin mining operations, highlighting their robustness for blockchain operations.
- Windows is widely used among developers and for desktop crypto trading, representing 40% of transactions from desktop platforms.
- macOS accounts for 15% of crypto desktop transactions, as it’s favored by professionals in creative industries and high-net-worth individuals.
- Chrome OS adoption is rising, now accounting for 5% of mobile crypto wallet downloads thanks to increased Chromebook sales and compatibility with mobile wallets.
- Wearable OS platforms, such as Apple Watch and Samsung Gear, represent 2% of total crypto payments, as mobile and wearable technology converge.
- Internet of Things (IoT) devices have entered the crypto space, with 1% of crypto transactions made through IoT-enabled systems for seamless micropayments.
- Embedded systems represent 3% of the crypto transaction volume, mostly in regions where digital infrastructure supports embedded solutions.
- Blockchain-native OS platforms, such as Solana Mobile Stack, are still niche but show promise in the developer community for efficient and secure crypto transactions.
End-user Insights
- Retail customers account for 60% of crypto transactions, primarily using crypto for online purchases, remittances, and investments.
- B2B crypto payments represent 25% of transaction volume, with companies using crypto for cross-border payments and vendor transactions.
- Millennials are the most active demographic in crypto payments, representing 40% of users, attracted by digital-first payment options.
- Gen Z adoption has seen a notable rise, accounting for 20% of the user base, especially for microtransactions and digital collectibles.
- High-net-worth individuals (HNWIs) make up 15% of the market, often using crypto for asset diversification and high-value transactions.
- Crypto enthusiasts and early adopters still represent 35% of all users, mainly using crypto wallets and exchanges for day-to-day transactions.
- Tech-savvy freelancers and gig workers have increased adoption, representing 20% of transactions, as crypto provides a convenient alternative to traditional invoicing.
- Unbanked populations are using crypto wallets as primary banking solutions, accounting for 15% of all crypto wallet downloads in developing regions.
- Small businesses represent 10% of crypto payments as they leverage lower fees and faster processing for cross-border and domestic transactions.
- Institutional investors are cautiously entering the space, contributing 5% of transactions as they explore diversified digital assets.
Recent Developments in Crypto Payment Regulations
- United States has implemented new crypto payment reporting standards in 2024, requiring reporting of transactions over $10,000 to enhance transparency.
- European Union is finalizing the Markets in Crypto-Assets (MiCA) regulation, expected to take effect by 2025, standardizing crypto transaction protocols.
- Japan has adopted a Crypto Payments Framework mandating businesses to register and comply with anti-money laundering (AML) measures.
- Brazil has enacted a law requiring that crypto payment providers be regulated by the central bank, aiming to protect consumers and improve market stability.
- Singapore is enhancing its Payment Services Act to include more comprehensive regulations for crypto payments, focusing on cross-border transparency.
- China continues its restrictive stance, banning direct crypto transactions but exploring a digital yuan alternative for domestic transactions.
- India has implemented a 30% tax on crypto transactions, limiting transaction volume but encouraging discussions on a regulatory framework.
- Australia is expected to introduce crypto payment legislation by 2025, establishing consumer protections and standardized payment mechanisms.
- Canada mandates that crypto payment platforms register with federal regulators, aiming to prevent fraud and protect consumer data.
- South Africa has classified crypto assets as financial products, requiring service providers to obtain licenses and adhere to financial compliance standards.
The Landscape of Cryptocurrency Payments
- Global crypto transaction volume is expected to reach $10 trillion by 2025, driven by increased adoption in both retail and institutional markets.
- Cryptocurrency ATMs have increased by 15%, with over 40,000 ATMs worldwide enabling easy crypto cash exchanges.
- 75% of Fortune 500 companies are predicted to explore crypto payments by the end of 2024, especially for cross-border transactions.
- E-commerce sites accepting crypto have grown by 35%, with nearly 30,000 online merchants enabling crypto payment options worldwide.
- Crypto wallet downloads have surged by 50% year-over-year, reaching 300 million active wallets globally in 2024.
- 85% of crypto transactions are completed on mobile devices, reflecting a mobile-first trend in crypto adoption.
- DeFi (Decentralized Finance) applications account for 20% of crypto transactions, popular among users looking for alternatives to traditional banking.
- NFT transactions have found a niche within crypto payments, with 10% of payment volume involving digital art and collectibles.
- Gaming platforms accepting crypto have doubled, with 20% of game developers now integrating crypto payment systems.
- Crypto remittances continue to grow, with $300 billion projected to be sent via crypto by 2025, offering faster and cheaper solutions than traditional methods.
Top Impacting Factors
- Regulatory clarity in developed countries has encouraged 20% growth in crypto payments as businesses feel more secure integrating these options.
- Cross-border payment efficiency is a key driver, saving up to 80% in transaction costs compared to traditional bank transfers.
- Environmental concerns are impacting growth, with 10% of businesses pausing crypto adoption due to the high energy use of proof-of-work currencies.
- Stablecoins reduce volatility risks, with 60% of businesses using them to ensure predictable transaction values.
- Blockchain scalability is critical, as seen with Ethereum’s 70% adoption rate for Layer 2 solutions to manage network congestion and reduce fees.
- Security and fraud concerns remain high, with 25% of consumers hesitant to adopt crypto due to hacking risks and privacy issues.
- Merchant incentives like lower transaction fees and rewards are being adopted by 30% of retailers to encourage crypto payments.
- Consumer demand for privacy is boosting the popularity of privacy-focused coins, representing 5% of transaction volume among users prioritizing anonymity.
- Integration with Web3 wallets has streamlined the experience, now featured by 80% of major crypto payment gateways.
- Institutional investment is increasing, with 15% of hedge funds and asset managers incorporating crypto into their portfolios to capitalize on digital asset growth.
The Future of Cryptocurrency Payments
- Global adoption of crypto payments is anticipated to rise to 40% of businesses by 2030, as regulatory frameworks stabilize and blockchain technology advances.
- Central Bank Digital Currencies (CBDCs) are set to reshape the landscape, with 15% of countries expected to launch CBDCs by 2025, integrating with existing crypto payments.
- Interoperability across blockchains is predicted to be a major advancement, with 30% of transactions utilizing cross-chain technology to improve accessibility.
- Artificial intelligence (AI) and machine learning will enhance security and fraud detection, expected to reduce crypto payment fraud by 25% by 2026.
- Quantum computing may disrupt the blockchain security paradigm, leading to new encryption standards across all crypto networks.
- Automated compliance tools will likely be implemented by 50% of crypto platforms, simplifying regulatory adherence and preventing unauthorized transactions.
- Carbon-neutral blockchains are on the rise, with 35% of companies investing in low-energy solutions to reduce crypto’s environmental footprint.
- Smart contracts are expected to become mainstream, facilitating 80% of crypto payments in business-to-business (B2B) settings for efficiency.
- Crypto-based loyalty programs will become more common, with 20% of companies offering rewards in crypto as part of customer retention strategies.
- Financial inclusion through crypto is forecasted to reach 1 billion people by 2030, especially in regions with limited banking access, providing a reliable alternative to traditional financial systems.
Conclusion
As crypto payments grow, they represent a significant shift in the global financial landscape, promising new efficiencies and accessibility. While challenges remain, particularly in regulation and environmental impact, innovations in blockchain technology and user demand are propelling forward. The cryptocurrency payments industry is carving its place, aiming to complement and occasionally even replace traditional financial systems. For consumers and businesses alike, staying informed on trends, regulations, and technological advancements will be crucial as crypto payments continue to evolve.
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.
