US Crypto Payments

How $10.4 Billion in Transactions Is Upending B2B, Retail, and Remittances

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About This Report
Payment provider innovation across remittances, B2B payments, and retail card and noncard payments is setting a long-term growth runway. In the short term, providers must navigate a host of obstacles to enable more crypto users to become crypto payers—and so far they’re succeeding.
Table of Contents

Executive Summary

Cryptocurrencies are now a mainstream—albeit volatile—investment tool. But blockchain-based payments are just beginning to catch on. Over the coming years, we expect growing use of cryptos for retail, cross-border remittances, and B2B payments. Incumbent banks and payment networks must carefully weigh crypto opportunities against risks to ride the crypto wave—without getting swept up in the crash.

3 KEY QUESTIONS THIS REPORT WILL ANSWER

  1. What’s driving growth in the number of US crypto payment users and global crypto payment transaction value?
  2. How are crypto payment trends affecting legacy payments players’ revenues, competitive positioning, and performance?
  3. How can banks and payment networks leverage these trends to benefit from crypto payment volume growth?

WHAT’S IN THIS REPORT? We explore what’s driving and inhibiting the growth of crypto payments in the US, dive into top use cases, and show how payments incumbents can prepare for this new era of payments.

KEY STAT: Consumers ages 25–34 will comprise one-third of all US cryptocurrency owners in 2022, per our forecast—a key demographic for crypto payment providers to target.

Here’s what’s in the full report

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    Table of Contents

    1. Executive Summary
    2. Key Points
    3. Payments Players Are Turning Crypto Ownership Into a Payments Opportunity
    1. Nascent-Stage Crypto Payments Growth Rockets Forward
    2. Four Use Cases Contribute to Crypto Payments Growth
    3. Insider Intelligence Interviews
    1. Read Next
    2. Sources
    3. Media Gallery

    Interviewed for This Report

    Jeremy Almond
    Paystand
    Founder and CEO
    Interviewed April 8, 2022
    Todd Crosland
    CoinZoom
    Founder and CEO
    Interviewed April 5, 2022
    Walter Hessert
    Paxos
    Head of Strategy
    Interviewed April 4, 2022
    Becky McClain
    Paxos
    Director, Communications
    Interviewed April 4, 2022
    Shane Rodgers
    PDX Coin
    Co-Founder, Chairman, and CEO
    Interviewed April 5, 2022
    Pegah Soltani
    Ripple
    Director, Product Management
    Interviewed April 4, 2022

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    authors

    Grace Broadbent

    Contributors

    Daniel Decea
    Researcher, Financial Services
    Nazmul Islam
    Junior Forecasting Analyst
    David Morris
    Principal Analyst
    Jaime Toplin
    Senior Analyst
    Daniel Van Dyke
    VP, Content