Crypto payments and adoption are on the rise, NOWPayments lists IoTex

Jillian Gosill / Irish Tech News

The use of cryptocurrency for payments is quickly increasing: People’s awareness of its benefits, such as transaction speeds and lower fees than fiat, is also growing fast globally.

According to a Triple-A report, brick-and-mortar shops are slowly adopting crypto payments, although there are 18,000 that already do. Online shops are a whole other story. Currently, millions of online shops globally accept cryptocurrency payments from over 300 million crypto users worldwide.

And speaking of crypto adoption, a Chainalysis study reveals that it is growing exponentially. From Q2 2019 to Q3 2021, global cryptocurrency adoption grew by over 2300% and over 881% in the last year alone.

The global eCommerce market is also rising and poised to grow to $5.4 trillion in 2022 and $6.3 trillion in 2024. So, it’s no wonder that crypto payment methods are also estimated to grow by more than 40% next year and over 50% in 2023, according to a news report.

All these fascinating statistics come into context because NOWPayments has enabled millions of eCommerce websites and charities to start accepting crypto as payment. The most recent crypto added is the IOTX token of IoTeX.

This Silicon Valley-based blockchain whose primary goal is to connect the physical and digital worlds enabling users to privately and securely interact with their devices and own the value they generate.

NOWPayments allows any website to accept IOTX and other crypto payments by integrating their plugin into the most popular eCommerce platforms such as Shopify or WooCommerce. Shopify alone boasts over 800,00 online stores and processes over $60 billion in yearly sales.

“IOTX token has a lot of utility, like gas fees, governance and certification, and we hope that the use cases NOWPayments contributes to the ecosystem (payments, donations) will bring mass adoption even closer,” said Xena Kash, of NOWPayments.