HomeCryptoThe volume of cryptocurrency payments in e-commerce exceeds 60% in 2022
The volume of cryptocurrency payments in e-commerce exceeds 60% in 2022
January 4, 2023
Although the markets are now undergoing a major correction, the number of retailers willing to accept cryptocurrency payments continues to grow with a steady increase in the volume of cryptocurrency purchases made online in the e-commerce sector.
In fact, CoinGate, a cryptocurrency payment processor, found in its research report released on Jan. 4 that despite the “crypto winter,” the use of cryptocurrencies for online transactions in 2022 is on the rise.
Research indicates that merchants using CoinGate received 927,294 payments in cryptocurrencies in 2022, which is about 2.7 times higher than the annual average and represents a 63% increase compared to 2021. The figure is equivalent to CoinGate processing an order of paid cryptocurrency every 34 seconds.
Bitcoin is the most popular cryptocurrency for payment
According to the research findings, Bitcoin (BTC) was responsible for more than half, or 48%, of all transactions in the year 2022. Notably, it is 7.6% lower than in 2021, suggesting that altcoin payments have slightly reduced the value of Bitcoin. dominant position in payments despite the increase in the number of transactions.
In 2022, USDT was the second most popular cryptocurrency used for shopping, with a dominance of 14.8%. Followed by Ethereum (10.9%), Litecoin (9.6%) and TRON (5.8%).
Despite the overall market slump, CoinGate has seen a 48% growth in the number of new merchants registered in 2022 compared to 2021. This includes industry giants like NordVPN in the list of companies willing to accept cryptocurrency payments.
Retailers adopting cryptographic payments
Every year, the most popular argument provided by retailers for accepting cryptocurrency payments is the same: better access to services for consumers who don’t have banks or are concerned about their privacy, which ultimately translates into increased sales. .
As modern payment processors reduce the problem of cryptocurrency price fluctuations by allowing fast payments in fiat currencies, there is little reason why merchants looking for creative ways to revitalize their businesses shouldn’t consider implementing payments in cryptocurrencies.
Notably, in an exclusive interview with Finbold in December, Justas Paulius, CEO of CoinGate, revealed that the frequency of payments with cryptocurrency has not been affected by the crypto winter, with people not reducing the frequency of their purchases but they have moved “a bit from floating coins to stablecoins.