Accepting Crypto Payments a Rising Trend Among Businesses

June 19, 2024
accepting crypto payments

As of 2024, global cryptocurrency ownership has surged to an average of 6.8%, with over 560 million users worldwide. This marks a significant increase from 420 million users in 2023, highlighting substantial growth in adoption (Triple-A). Cryptocurrencies have transitioned from a niche investment to a widely accepted payment method for goods and services. This evolution is sparking interest among businesses to start accepting crypto payments too. Let’s dive into this trend and explore why an increasing number of merchants are considering crypto as a viable payment option.

Table of Contents:

The Rise in Crypto Payments

Crypto payments are predicted to grow at a compound annual growth rate (CAGR) of nearly 17% between 2023 and 2030 (Statista). This is driven by a variety of factors, including increasing consumer interest, technological advancements, and broader acceptance of cryptocurrencies.

Both merchants and consumers have grown more knowledgeable about crypto and confident in using it as a payment method. Global surveys indicate a high level of awareness about cryptocurrencies, with 92% of respondents out of a survey of 15,000 people in 15 countries across all continents stated they “have heard about them” (Consensys 2023).

A survey by Arlington Research for Kaspersky revealed that almost half of respondents (44%) believe that crypto payments will become a common choice for online shopping. Nearly 1 in 4 people would buy their groceries with crypto, 81% of gamers would use it to pay for game-related purchases, and 36% would use crypto to pay for dining and entertainment tickets.

Furthermore, 68% of surveyed people stated they want more opportunities to use crypto for payments, from video games (59%) to groceries (39%) to cars (32%). This shows that more people are open to using crypto for everyday purchases, signaling a possibility for merchants.

Stablecoin Payments: A Growing Trend

In recent years, stablecoins have emerged as a compelling alternative to traditional payment methods, with major names like PayPal and Visa integrating them. Unlike more volatile cryptocurrencies like Bitcoin, whose price can swing dramatically, stablecoins are pegged to real-world assets, offering stability that appeals to traditional investors and businesses. Bernstein analysts noted in their latest report that just Q1 2024 value transferred stands at $6.8 trillion, nearly matching the 2022 high of $7 trillion. Stablecoin transactions are expected to exceed $187 billion globally by 2028 (Juniper Research).  This trend highlights the growing preference for stablecoins in facilitating transactions between businesses and customers.

Challenges and Benefits of Using Cryptocurrencies


While the buzz around crypto is growing, its adoption as an everyday payment method is still not mainstream. Major obstacles include:

One major obstacle is volatility, which can deter both merchants and customers. Crypto payment gateways, however, can automatically convert crypto into fiat like EUR during a purchase, mitigating volatility risk and ensuring that the merchant is receiving the exact invoiced amount in EUR and the customer was able to pay with desired crypto.

Regulatory clarity around cryptocurrencies is still lacking in many regions, which can cause hesitation among businesses. The introduction of new regulations like the Markets in Crypto Assets (MiCA) in the EU are helping to clarify legal ambiguities, making it easier for more businesses to integrate crypto payments.

Technical complexity is another challenge. Integrating crypto payments may seem complex and time consuming, but solutions like SwapinCollect simplify the process, allowing merchants to get started with invoicing customers within one business day.

Security remains a significant concern. In 2022, cryptocurrency hacks resulted in $3.7 billion stolen from users (Chainanalysis). While this figure decreased by 54.3% in 2023 to $1.7 billion, the threat persists as hackers are developing new ways to exploit exchanges and wallets. Crypto payment providers must invest in robust security measures to protect against breaches, and merchants must ensure they partner with licensed and security-focused providers.


Despite these challenges, the crypto payments industry is evolving, more crypto-friendly businesses and eager consumers are emerging. Benefits of crypto payments are significant:

Crypto payments can reduce transaction costs significantly compared to traditional payment methods. Most cryptocurrency payment processors charge around 1% in fees, compared to up to 3.5% for credit card payments.

Blockchain transactions can be processed almost instantaneously, which is especially beneficial for international transactions that typically take several days through traditional banking systems.

Accepting cryptocurrencies can attract a new segment of customers that prefer to use digital currencies, expanding a business’s reach and boosting growth.

As cryptocurrencies gain more acceptance as a payment method, being an early adopter may provide a competitive edge and position you as an innovative brand.

Accepting Crypto Payments as a Business

Cryptocurrencies can offer businesses a number of benefits when accepting them as a payment method:

  • Meeting customer demand: More people want to pay in crypto, especially in regions with high crypto adoption rates
  • Fast settlements: Blockchain technology enables fast transaction processing, carried out 24/7, reducing cash flow gaps for businesses
  • Cost efficiency: Crypto transactions typically have lower fees than traditional payment methods, which can result in significant savings, particularly for businesses with high transaction volumes
  • High average transaction value: Some industries report that the average deposit value for crypto can be 5-10x higher than for other payment methods
  • Transparency: Blockchain transactions are final and traceable, eliminating the risk of fraud and the associated costs and administration
  • Reliability: Leading cryptocurrencies have been proven over many years as a method for securely making transactions
  • Easy adoption: Merchants can partner with crypto payment providers to make the process of accepting cryptocurrencies simple and straightforward
  • Payer experience: While the crypto payment experience is still maturing, providers like Swapin make it easy for your users to complete the crypto payment process. You just provide an invoice and a payment link, they’ll know what to fill in, send crypto, and it’s done – Euros in your bank account!

Getting Started with Accepting Crypto Payments

As we’ve discussed, there are many benefits for merchants that enable crypto payments for their customers. These include meeting customer payment preferences, settling funds fast, lower processing costs compared to cards. With the rise of cryptocurrencies, businesses are presented with a new opportunity to cater to a rapidly growing demographic of crypto-savvy customers. Start accepting crypto payments to provide your business with the chance to reach a broader customer base, appealing to those who prefer using crypto for their purchases, and stay ahead of your competition.

Why Businesses Choose SwapinCollect to Accept Crypto Payments?

If you’re considering integrating crypto payments and are looking for an easy way to do so, SwapinCollect offers a great solution. Here’s how:

  • Multi-currency support: Swapin supports various cryptocurrencies, including BTC, ETH, USDT, USDC, and more, providing flexibility for both merchants and customers.
  • Fast transactions: All crypto payments are settled directly to your business’ SEPA bank account in EUR.
  • Zero fees for your business: Free onboarding and set-up. The customer pays the transaction fees.
  • Licensed provider: Swapin is a EU-regulated payment processor, ensuring the security of customer data and funds.
  • Rate lock: Exchange rates are locked for 30 minutes during the payment process, ensuring your customers have time to complete their payment and your business receives the exact amount as invoiced.
  • No chargebacks: Crypto payments cannot be reversed and are easily tracked on the blockchain.
  • Personalized support: Our team of experts is always there to assist you with any questions

Frequently Asked Questions (FAQs)

Q: How many businesses accept crypto?
A: While it is difficult to get an accurate global total, around 30,000 merchants worldwide currently accept Bitcoin. Well-known brands include PayPal, Microsoft, Shopify, Starbucks, Twitch, Subway.

Q: What are the benefits of accepting cryptocurrency?
A: There are many benefits for merchants, including meeting customer payment preferences, settling funds fast, and lower processing costs compared to cards. 

Q: What are the risks of accepting crypto payments?
A: Risks include price volatility and navigating an inconsistent regulatory environment. Stablecoins are becoming popular for payments because they provide greater price stability.

Q: Can small businesses accept crypto?
A: Yes, any size business can accept crypto payments. Many crypto payment processors like Swapin offer solutions tailored to small businesses, making it easy to start.

Q: Can my business have a crypto wallet?
A: Yes, businesses can have custodial or non-custodial wallets, depending on their needs and how they prefer to manage their assets. Swapin is a non-custodial solution, so we don’t hold your funds, we immediately process payments for you


Cryptocurrencies are forecasted to become a mainstream payment method in the future, driven by their advantages in speed, cost, and accessibility. While challenges remain, particularly around regulations, the benefits for both consumers and businesses are substantial.

For businesses looking to accept crypto payments, SwapinCollect provides the tools and support necessary to make this transition smooth and secure, enabling businesses to tap into the growing market of crypto users and drive growth.

Learn more about SwapinCollect here and reach out to our team to get started today!

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