Bitget Wallet’s On-Chain Report Offers Insights Into The Potential Of PayFi And Industry Challenges
In Brief
Bitget Wallet has shared the results of a detailed study on the Web3 PayFi landscape in its new “PayFi Unlocked: Crypto Payment Adoption Onchain Report.”
Non-custodial Web3 wallet and decentralized platform, Bitget Wallet shared the results of a detailed study on the Web3 PayFi landscape through its release of the PayFi Unlocked: Crypto Payment Adoption Onchain Report.
As digital assets become increasingly integrated into traditional finance, Bitget Wallet emphasizes the importance of understanding users’ motivations and concerns. The research delves into the factors that influence the adoption of cryptocurrency payments, including transaction speed, cost-effectiveness, and concerns about security and usability. By analyzing user behavior across different generations and regions, the report highlights key trends that are shaping the future of cryptocurrency payments.
The report is based on an online survey conducted between February 7th and February 11th, with 4,599 participants from the Bitget Wallet community, spanning Gen Z, Millennials, and Gen X users from various regions worldwide. The results provide a comprehensive perspective on the evolving landscape of cryptocurrency payments.
Driving Forces Behind Crypto Adoption: Speed, Cost Savings, Financial Independence, And Privacy
According to the report, speed is the leading factor driving cryptocurrency adoption, with 46% of respondents citing fast transactions as their main reason for using cryptocurrency payments. Close behind, 41% of users value cryptocurrency’s ability to facilitate seamless cross-border transactions, particularly in areas where banking infrastructure is limited.
Cost savings are also important, as 37% of users prefer cryptocurrencies for their lower transaction fees, while 31% appreciate the ability to avoid high currency exchange rates. Additionally, 32% see cryptocurrencies as a means to achieve financial independence, enabling them to transact without relying on traditional banking systems.
In addition to these practical benefits, a sizable portion of users (33%) consider their crypto holdings as an investment, expecting them to appreciate over time. Privacy (37%) and control over personal funds (35%) are also key reasons why many opt for decentralized payments.
Regional differences further influence adoption trends. In emerging markets, users prioritize speed, accessibility, and affordability. For instance, Africa (52%) and Southeast Asia (51%) show the highest demand for faster transactions, while users in North America and Oceania (36%) place greater importance on the ability to make smooth cross-border payments.
Key Barriers Slowing Crypto Adoption: Security, Volatility, Usability, And Merchant Acceptance
Bitget Wallet also noted that despite increasing interest, several challenges continue to hinder the widespread adoption of cryptocurrency payments. Security concerns are the primary barrier, with 37% of users expressing worry about potential hacks and fraud. Additional concerns stem from the lack of legal protections (27%) and trusted payment providers (23%), which contribute to users’ hesitations in using cryptocurrency for transactions.
Price volatility remains a notable challenge, as 35% of users find the fluctuating value of tokens problematic, which can make cryptocurrency payments unpredictable. Network congestion and high transaction fees during peak times also discourage usage, limiting the overall cost-effectiveness of on-chain payments.
Usability issues further complicate adoption. The risk of irreversible transactions (34%) makes errors costly, while limited merchant acceptance (31%) restricts the use of cryptocurrencies in everyday transactions. Additionally, 25% of respondents find the technical nature of wallets and addresses makes cryptocurrency payments overly complex. Simplifying the user experience and expanding merchant adoption will be key to overcoming these challenges.
Bitget Wallet highlighted that it is committed to tackling these obstacles and improving the accessibility, security, and practicality of cryptocurrency payments. As part of its PayFi vision for 2025, the platform is introducing seamless on-chain financial services that enable users to earn, send, and spend—all within a single integrated platform.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
