1 - 2 minute read
Cryptocurrency payments in the eCommerce sector rose 60% in 2022, according to a report by CoinGate, a cryptocurrency payment processor. Despite the current market correction, known as the “crypto winter,” the volume of cryptocurrency payments made online continues to increase. In 2022, merchants using CoinGate received 927,294 crypto payments, a 63% increase from 2021 and equivalent to processing one paid cryptocurrency order every 34 seconds.
Bitcoin was the most popular cryptocurrency for payments, accounting for 48% of all transactions in 2022. This is a 7.6% decrease from 2021, suggesting that altcoin payments have slightly reduced Bitcoin’s dominance in the market despite the overall increase in transactions. USDT was the second most popular cryptocurrency used for shopping, with a prevalence of 14.8%. It was followed by Ethereum at 10.9%, Litecoin at 9.6%, and TRON at 5.8%.
CoinGate also saw a 48% growth in the number of newly registered merchants in 2022 compared to 2021, including industry giants like NordVPN. Many retailers opt to accept cryptocurrency payments in order to improve access to services for unbanked or privacy-conscious consumers, which can ultimately lead to increased sales. Modern payment processors can mitigate the issue of crypto price fluctuation by allowing quick settlements in fiat currencies, making it a viable option for merchants seeking innovative ways to boost their businesses.
