Cryptocurrency payments are rapidly developing, but what are the real reasons driving user adoption? What obstacles hinder widespread acceptance? To answer these questions, we conducted an in-depth study of the Web3 PayFi ecosystem and released the "Unlocking PayFi: On-Chain Cryptocurrency Payment Adoption Report." Despite the increasing adoption rate, key challenges must be addressed to make cryptocurrency payments a seamless and trustworthy financial tool.

Background

As crypto assets continue to integrate into the mainstream financial system, understanding users' motivations and concerns becomes particularly important. Our research delves into the core factors influencing the adoption of cryptocurrency payments—whether it’s transaction speed and cost-effectiveness or concerns about security and usability. By analyzing user behavior across different generations and regions, we reveal the key trends shaping the future of cryptocurrency payments.

For instance, emerging markets prioritize accessibility and low costs, viewing cryptocurrency as a tool to bypass traditional financial barriers; whereas users in developed markets focus more on financial independence and privacy, seeing cryptocurrency as an alternative to centralized banking systems. These insights provide valuable references for industry participants to optimize payment experiences, build trust, and accelerate global adoption.

This report is based on an online survey conducted from February 7 to 11, 2025, involving 4,599 respondents from the Bitget Wallet community, covering Gen Z, Millennials, and Gen X users across multiple regions globally, presenting a comprehensive view of the evolution of cryptocurrency payments.

Key Insights

What Drives the Adoption of Cryptocurrency Payments?

Speed is the primary driver of adoption, with 46% of respondents citing fast transactions as the main reason for using cryptocurrency payments. Global accessibility follows closely, with 41% of users valuing the seamlessness of cryptocurrency in cross-border transactions, especially in regions with weak banking infrastructure.

Cost savings are also crucial—37% of users choose cryptocurrency for lower transaction fees, while 31% appreciate its ability to avoid high exchange rate costs. Additionally, 32% of users view cryptocurrency as a tool for financial independence, allowing them to transact without relying on banks.

Beyond practical value, cryptocurrency is also seen as an investment asset. 33% of respondents consider their holdings as potentially appreciating investments. Other users value the privacy protection (37%) and control over funds (35%) that decentralized payments offer.

Regional differences further shape adoption patterns: users in emerging markets prioritize speed, accessibility, and low costs. Africa (52%) and Southeast Asia (51%) have the highest demand for fast transactions, while users in North America and Oceania (36%) emphasize the importance of smooth cross-border payments.

What Hinders the Widespread Adoption of Cryptocurrency Payments?

Despite growing interest in cryptocurrency payments, multiple obstacles remain. Security concerns top the list, with 37% of users worried about hacking and fraud. The lack of legal protection (27%) and trustworthy payment service providers (23%) further exacerbates these concerns, causing users to hesitate in cryptocurrency transactions.

Price volatility remains a significant challenge. About 35% of users believe that token value fluctuations make payments unpredictable. Additionally, network congestion and high fees during peak times undermine the cost advantages of on-chain payments.

Usability issues are also a major barrier: the risk of irreversible transactions (34%) makes the cost of errors high, while low merchant acceptance (31%) limits the practical application of cryptocurrency. Furthermore, 25% of respondents feel that the technical complexity of wallets and addresses diminishes the user-friendliness of the payment experience. Simplifying operational processes and expanding merchant support will be key to overcoming these bottlenecks.

Read the full "2025 PayFi Report" for in-depth analysis and regional data

Bitget Wallet's Vision for the Future of PayFi

At Bitget Wallet, we are committed to addressing the challenges faced by cryptocurrency payments, making them easier, safer, and more practical. As part of Bitget Wallet's 2025 PayFi vision, we are launching seamless on-chain financial services that allow users to earn, send, and spend all on one platform.

Imagine a brand-new financial ecosystem: you can earn passive income by staking stablecoins across multiple chains while fully controlling your assets, and directly purchase everyday items or pay for travel expenses with cryptocurrency, without worrying about price fluctuations and complex operations. By combining DeFi earnings with real-world payments, we are transforming cryptocurrency from a speculative asset into a practical financial tool, enabling billions of people worldwide to enjoy the convenience of digital finance.

As we continue to innovate, we invite you to join us on this journey towards a new era where cryptocurrency payments are as seamless as traditional finance!

About Bitget Wallet

Bitget Wallet is Asia's largest and a leading one-stop Web3 wallet globally, with over 60 million users worldwide. The wallet comes in various forms, including mnemonic wallets, keyless MPC wallets, AA smart contract wallets, and more, supporting hardware wallet connections. It currently supports over 100 mainstream public chains, hundreds of EVM chains, and more than 500,000 cryptocurrency assets. As the best choice for users to discover new assets and capture new opportunities in the Web3 space, Bitget Wallet's product features include Swap trading, smart market analysis, Launchpad, inscriptions, NFTs & DApps, and earning coins, achieving free trading across more than 50 chains by aggregating liquidity from hundreds of mainstream DEXs and cross-chain bridges. Bitget Wallet has established a systematic security framework, providing a $300 million risk protection fund.

For more information, please visit: Website|Twitter|Telegram|Discord

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。