Despite the current severe market correction, the number of businesses eager to accept crypto payments continues to expand, as makes the amount of bitcoin purchases made online in the eCommerce sector.
CoinGate, a crypto payment processor, reported that the use of cryptocurrencies for online transactions increased in 2022 despite the crypto winter.
According to the report, CoinGate merchants received 927,294 crypto payments in 2022, which is almost 2.7 times the yearly average and marks a 63% rise from 2021. CoinGate processes one paid bitcoin order every 34 seconds based on this number.
Bitcoin is the most popular crypto for payment.
In 2022, Bitcoin (BTC) was responsible for 48% of all transactions, according to the study’s findings. Notably, it is 7.6% lower than it was in 2021, indicating that altcoin payments have marginally eroded Bitcoin’sBitcoin’s payment dominance despite the rise in transaction volume.
In 2022, 14.8% of all purchases were made with USDT, making it the second-most popular purchasing cryptocurrency. Following Bitcoin were Ethereum (10.9%), Litecoin (9.6%), and TRON (5.8%).
Despite the general market decline, the number of newly registered merchants on CoinGate increased 48% between 2021 and 2022. This adds industry titans such as NordVPN to the list of companies that accept cryptocurrency payments.
Merchants adopting cryptocurrency payments
Access to services is improved for consumers who are unbanked or concerned about their privacy, resulting in higher sales.
Because current payment processors mitigate the crypto price volatility by allowing swift settlements to fiat currencies, there are a few reasons why merchants seeking innovative ways to rejuvenate their businesses should not consider incorporating crypto payments.
Notably, back in December, in an exclusive interview with Finbold, Justas Paulius, the CEO of CoinGate, revealed that the frequency of paying with cryptocurrency was unmoved by crypto winter, with people not reducing the frequency of their purchases but shifting a bit from free-float coins to stablecoins.