According to payments giant FIS, using cryptocurrency as a form of payment is still a fringe activity. Its Global Payments Report published last month found that cryptocurrency was used for $1 out of every $500 of e-commerce payments, or less than 0.2% of e-commerce transaction values. Still, that amounted to $11.6 billion in 2022, with FIS estimating a figure of $39 billion in 2026.
However, to put the $11.6 billion figure for all crypto payments in context, the transaction value processed on the Bitcoin network alone was $8.2 trillion in 2022. In other words, a very tiny proportion of public blockchain transactions are used for payments.
That said, FIS says that merchants are open to accepting crypto as payments because they tend to have higher transaction values, they receive the money faster, and the fees are lower.
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