Ecommerce Crypto Payments Volume Soars Over 60% in 2022

[ad_1]

Although the markets are currently undergoing a severe correction, the number of retailers willing to accept cryptocurrency payments continues to rise with a steady increase in the volume of crypto purchases made online in the e-commerce sector.

Indeed, CoinGate, a cryptocurrency payment processor, discovered in its research report published on January 4 that, despite the “crypto winter”, the use of cryptocurrencies for online transactions in 2022 is increasing.

Research indicates that in 2022, merchants using CoinGate received 927,294 crypto payments, which is approximately 2.7 times higher than the annual average and represents a 63% increase from 2021. This figure equates to processing by CoinGate of a paid cryptocurrency order every 34 seconds.

CoinGate inc crypto payments every year. Source: coingate.comBitcoin is the most popular crypto for payment

According to the research results, Bitcoin (BTC) was responsible for more than half, or 48%, of all transactions in 2022. Notably, it is 7.6% lower than it was in 2021, which suggests that altcoin payouts fell bitcoin slightly. dominance of payments despite the growing number of transactions.

In 2022, USDT was the second most popular cryptocurrency used for purchases, with a dominance of 14.8%. Next come Ethereum (10.9%), Litecoin (9.6%) and TRON (5.8%).

Despite the general market collapse, CoinGate saw a 48% growth in the number of newly registered merchants in 2022 compared to 2021. This includes industry giants like NordVPN to the list of companies ready to accept payments by cryptocurrency.

Retailers Embrace Crypto Payments

Each year, the most popular argument made by merchants for accepting cryptocurrency payments is the same: better access to services for unbanked or privacy-conscious consumers, which ultimately translates into an increase Sales.

Given that modern payment processors reduce the problem of fluctuating crypto prices by enabling rapid settlements in fiat currencies, there is little reason why merchants looking for creative ways to revitalize their businesses should not consider implementing crypto payments.

Notably, in December, in an exclusive interview with Finbold, CoinGate CEO Justas Paulius revealed that payment frequency with cryptocurrency was unaffected by the crypto winter, with people not reducing frequency. of their purchases but shifting a bit from free-float coins to stablecoins.

[ad_2]