SINGAPORE, March 25, 2025 – As cryptocurrencies move further into mainstream finance, a new report from Bitget Wallet sheds light on the key motivations and concerns driving crypto payment adoption. The PayFi Unlocked: Crypto Payment Adoption report, based on a survey of 4,599 users worldwide, provides critical insights into how digital assets are shaping the future of payments.
Speed and Accessibility Lead Crypto Payment Adoption
Speed is the leading factor behind the adoption of crypto payments, with 46% of users citing transaction efficiency as the primary driver. The report highlights that cryptocurrencies enable near-instant payments, eliminating delays associated with traditional banking systems. This is particularly relevant for users in emerging markets, where access to conventional financial services remains limited.
In addition, 41% of respondents value the ability to make global transactions without restrictions, reflecting crypto’s potential to enhance cross-border payments. The findings also reveal that lower transaction fees (37%) and the ability to avoid currency exchange costs (31%) make crypto an appealing alternative to traditional payment methods. Meanwhile, 32% of users see crypto as a means of financial autonomy, reducing dependence on banks and intermediaries.
Regional Variations in Crypto Adoption
Adoption patterns differ significantly across regions. Emerging markets such as Africa (52%) and Southeast Asia (51%) prioritise speed and cost-effectiveness, particularly for remittances and financial transactions in underbanked areas. Conversely, North America and Oceania (36%) emphasise seamless global payments, reflecting a more mature financial infrastructure where crypto serves as a supplementary financial tool rather than a necessity.
The report also highlights that East Asia (46%) sees crypto as a means of global financial mobility, particularly among businesses and freelancers engaged in international trade. Meanwhile, Latin America (38%) views crypto as a hedge against inflation, with many users seeking digital assets as a store of value amid economic instability.
Security and Trust Remain Key Concerns
Despite growing adoption, security concerns (37%) and price volatility (35%) remain major deterrents to wider crypto payment use. Users in Southeast Asia and Africa expressed heightened concerns about scams and cyber threats, reinforcing the need for stronger consumer protections and regulatory clarity.
Additionally, 34% of respondents cited the irreversibility of transactions as a significant issue, with errors or fraudulent transfers often resulting in permanent financial losses. The report also identifies limited legal protection (27%) as a growing concern, particularly in markets where regulatory frameworks for digital assets are still evolving.
High Fees and Limited Merchant Acceptance Pose Challenges
While crypto payments are often lauded for their lower fees, network congestion can lead to high transaction costs during peak periods (35%), particularly in Latin America (41%). The report also notes that limited merchant adoption (31%) restricts everyday usage, highlighting the need for businesses to integrate crypto-friendly payment solutions.
Simplification and Regulation Key to Future Growth
Usability remains a barrier to mass adoption, with 24% of users struggling with wallet complexity and 25% citing a lack of customer support as a hindrance. The report underscores the importance of simplifying user interfaces and expanding educational initiatives to help new users navigate the crypto landscape effectively.
Looking ahead, industry stakeholders will need to address these challenges by improving security measures, enhancing regulatory frameworks, and increasing merchant adoption. With continued innovation, cryptocurrencies have the potential to become a mainstream payment method, offering greater financial inclusivity and efficiency worldwide.