Cryptocurrency payments are accelerating, but what is really driving user adoption? And what barriers are preventing adoption? To answer these questions, we took a deep dive into the Web3 PayFi ecosystem and released the Unlocking PayFi: On-chain Cryptocurrency Payment Adoption Report. Despite rising adoption rates, key challenges still need to be addressed to make cryptocurrency payments a seamless and trusted financial tool.
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As crypto assets continue to integrate into the mainstream financial system, it is important to understand users’ motivations and concerns. Our research delves into the core factors that influence the adoption of cryptocurrency payments, from transaction speed and cost-effectiveness to concerns about security and ease of use. By analyzing user behavior across generations and regions, we reveal key trends that are shaping the future of cryptocurrency payments.
For example, emerging markets prioritize accessibility and low cost, using cryptocurrencies as a tool to circumvent traditional financial barriers, while users in developed markets focus more on financial independence and privacy, viewing cryptocurrencies as an alternative to the centralized banking system. These insights provide valuable references for industry participants to optimize payment experience, build trust, and accelerate global adoption.
This report is based on an online survey of 4,599 respondents from the Bitget Wallet community from February 7 to 11, 2025, covering Generation Z, Millennials and Generation X users, covering multiple regions around the world, and comprehensively presents the evolution trajectory of cryptocurrency payments.
Key Insights
What drives the adoption of cryptocurrency payments?
Speed is the top driver of adoption, with 46% of respondents citing fast transactions as the main reason for using cryptocurrency for payments. Global accessibility follows closely behind, with 41% of users valuing the seamlessness of cryptocurrency for cross-border transactions, especially in regions with weak banking infrastructure.
Cost savings are also important – 37% of users choose cryptocurrencies for lower transaction fees, while 31% prefer the ability to avoid high exchange rate costs. In addition, 32% of users see cryptocurrencies as a financial independence tool that allows them to trade without relying on banks.
In addition to its practical value, cryptocurrencies are also seen as an investment. 33% of respondents view their holdings as investments that may appreciate in value. Other users value the privacy protection (37%) and control over funds (35%) brought by decentralized payments.
Regional differences further shape adoption patterns: Emerging market users prioritize speed, accessibility, and low cost. Africa (52%) and Southeast Asia (51%) place the highest demand on fast transactions, while North American and Oceania users (36%) place greater emphasis on smooth cross-border payments.
What’s holding back cryptocurrency payments?
Despite the growing interest in cryptocurrency payments, users still face multiple barriers. Security concerns top the list, with 37% of users worried about hacking and fraud. Lack of legal protection (27%) and trustworthy payment providers (23%) further exacerbate these concerns, making users hesitant in cryptocurrency transactions.
Price volatility remains a major challenge. About 35% of users believe that token value fluctuations make payments unpredictable. In addition, network congestion and high transaction fees during peak hours also weaken the cost advantage of on-chain payments.
Usability issues are also a major obstacle: the risk of irreversible transactions (34%) makes errors costly, while low merchant acceptance (31%) limits the practical application of cryptocurrencies. Another 25% of respondents believe that the technical complexity of wallets and addresses reduces the friendliness of the payment experience. Simplifying the operation process and expanding merchant support will be the key to breaking through these bottlenecks.
Read the full 2025 PayFi Report for in-depth analysis and regional data
Bitget Wallets PayFi future vision
At Bitget Wallet, we are committed to solving the challenges facing cryptocurrency payments and making them easier to use, safer and more practical. As part of Bitget Wallets 2025 PayFi vision, we are launching smooth on-chain financial services that allow users to earn, send and spend in one platform.
Imagine a new financial ecosystem: you can earn passive income by staking stablecoins on multiple chains, while having full control over your assets, and use cryptocurrency to buy daily necessities or pay for travel expenses directly, without having to worry about price fluctuations and complicated operations. By combining earning DeFi income with real-world payments, we are transforming cryptocurrency from a speculative asset to a practical financial tool, allowing billions of people around the world 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 Asias largest and world-leading one-stop Web3 wallet, with more than 60 million users worldwide. The wallets are available in various forms, including mnemonic wallets, keyless MPC wallets, AA smart contract wallets, etc., and support hardware wallet connections. It now supports more than 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 field, Bitget Wallets product functions cover Swap transactions, smart quotes, Launchpad, inscriptions, NFT DApp, earning coins, etc., and by aggregating the liquidity of hundreds of mainstream DEXs and cross-chain bridges, it has achieved free trading on more than 50 chains. Bitget Wallet has established a systematic security system and provides a $300 million risk protection fund.
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