The Rise of Crypto Payments And Their Limitations

Cryptocurrencies are increasingly available. However, due to the uncertainty surrounding their legality, there are still limited places available to make crypto payments. Of course, right from the get-go, Bitcoin was used to purchase a pizza, so it’s only a matter of time before customers start demanding this payment method is more widely available and better integrated into daily payments. In fact, this is already happening, albeit on a relatively small scale. These days, it’s increasingly possible to make a crypto payment for smaller things such as coffee in the morning. But a lot of this still comes down to which country you’re in, and whether cryptocurrencies are being used strategically for growth, or still being seen as a novelty.

Is there a market for crypto payments?

While there are some dedicated users, the vast majority of consumers do not use crypto. As such, it’s often a consideration as to whether or not it’s actually worth it to start the integration process. But of course, when it comes to new technologies, the answer is always yes. Cryptocurrencies are widely considered to be the up and coming technology. Industry data shows that more businesses are accepting digital assets, increasingly by 40% since 2024 into 2025. Major payment processors such as PayPal and VISA are also expanding their crypto integration, doing so to improve user experience and subsequently getting crypto more into the mainstream payment systems. Of course, a lot of this is do to with customer expectations, with momentum shifts mirroring what users want. Importantly, further data collection has shown that crypto users often make purchases larger than credit card users. This is very useful data for businesses preparing for, or perhaps avoiding any crypto integration.

Improved market access

With crypto integration moving forward, there are some great benefits to doing it across more businesses. Using crypto makes it a lot easier for businesses to access new markets and make sales internationally. With crypto, there are no currency conversion fees, value remains the same no matter what country, and it’s an instant transfer process. This means that any merchant or business integrating cryptocurrency will get a much larger client base as well as better revenue streams. Any digital-first companies should definitely be using cryptocurrency as it can be used for selling things like NFTs, international freelancing, or even using a subscription-based service. Not only does crypto integration reduce costs, but it means faster payments for everyone, and a better experience.

Benefits for the business

Adding crypto payments to the array of options businesses have, is a savvy move. This is because it enables the organisation or business to grow more effectively. By keeping an eye on crypto technology, the company can keep an eye on the latest, emerging technology as well. It also signals to customers and users that the company is willing to move forward with the times and is likely to be better prepared for things to come – essentially they are future-proofing themselves which is a great move to keep customers happy. This is even more important as various countries are now beginning to roll out their own central bank digital currencies. So, if businesses are comfortable using digital assets now, it makes the process a whole lot easier in the future.

Take the online casino scene for example. This business area was one of the first to embrace different payment technologies. While not crypto, there are many UK casinos that accept Payz, a payment method that offers international transfers and the option to merge money of multiple currencies. It works everywhere too, which has helped UK casino-goers to make payments anywhere at any time. Online casinos have also been at the forefront of using crypto payments too, and this has worked in the industry’s favour massively. The use of crypto in casinos has grown, coupled with the ability to offer loyalty programmes and have more transparent financials in place. It’s also been successful due to allowing users to remain more anonymous when they play online. Overall though, crypto payments do help to streamline processes, eliminating some of the terrible back-office systems still employed.

Bringing in crypto

It’s still a slow process integrating crypto payments, but it is happening. There are of course reputational problems surrounding crypto which means that the vast majority of potential customers do not yet trust it. There’s more bad hype about crypto than there is good. With time though, this could change and businesses need to be ready for it.