FIS: crypto for payments is still marginal – Ledger Insights

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According to payment giant FIS, the use of cryptocurrency as a mode of payment remains a marginal activity. Its Global Payments Report released last month found that cryptocurrency was used for $1 in every $500 of e-commerce payments, or less than 0.2% of e-commerce transaction values. Yet that was $11.6 billion in 2022, with FIS estimating $39 billion in 2026.

However, to put the $11.6 billion figure for all crypto payments into context, the value of transactions processed on the Bitcoin network alone was $8.2 trillion in 2022. In other words, a very small proportion of public blockchain transactions are used for payments.

That said, FIS claims that merchants are willing to accept crypto as payment because they tend to have higher transaction values, receive money faster, and have lower fees.

Merchants accept crypto effortlessly when cryptocurrency exchanges provide their customers with Visa or Mastercard, which can be used for all payments, with the crypto exchange switching from cryptocurrency to fiat.

The other way is cryptocurrency payment gateways. One of the first and best known is BitPay, but Coinbase and others also provide gateways.

An FIS survey shows that people are conceptually more inclined towards the idea of ​​crypto payments. He revealed that 77% of people buy cryptos for investing and 18% plan to use them for payment. A Visa survey last year found that two-thirds of Southeast Asians want to use crypto for payments.

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