Crypto Payments Market to Grow 13% Annually Through 2032

Cryptocurrencies have evolved significantly since the mining of Bitcoin’s first block in January 2009. Today, digital assets have become mainstream, with some countries recognizing Bitcoin as legal tender. However, the question remains whether cryptocurrencies have achieved the everyday use cases envisioned by Satoshi Nakamoto, aiming to disrupt the centralized fiat currency system. The progress made by various crypto stakeholders in integrating digital assets into daily transactions is a critical area of interest.

The crypto payments app market recorded a valuation of $791.8 million in 2023, with projections indicating a growth rate of 13% between 2024 and 2032, potentially reaching $2.34 billion. The crypto card market has also gained traction, valued at $10.1 billion in 2023, with notable players including Crypto.com, Coinbase, Bybit, and Gleec. Despite this progress, crypto payments accounted for less than 0.2% of the global e-commerce transaction value in 2022, raising questions about the factors limiting the adoption of crypto into today’s payment ecosystems.

Regulatory uncertainty is a significant barrier. While some jurisdictions have adopted clear frameworks, others, like the U.S., have varying policies from state to state, making it difficult for innovators to acquire necessary licenses. For instance, Wirex, a U.K.-based crypto card issuer, had to shut down its operations in the U.S. due to regulatory uncertainty. Additionally, the technical complexity of crypto usage and the reputational risk associated with scams have deterred potential users and merchants from integrating digital assets. Crypto alone accounted for roughly 13% of global cybercrime losses in 2024, totaling $2.2 billion.

Despite these challenges, the growth figures over the years suggest an optimistic future for cryptocurrencies, especially as traditional fiat currencies face turbulence due to geoeconomic conflicts. Crypto cards, such as those offered by Gleec, are proving lucrative for everyday crypto spenders, allowing users to spend their digital assets anywhere Visa is accepted. Gleec also features Gleec Pay, a fully digital bank account with a crypto-friendly IBAN. Tap-to-pay crypto payment applications are another form of crypto payment being widely embraced, operating similarly to traditional contactless payment solutions but using crypto instead of fiat for in-store payments.

In emerging economies, crypto payment applications are gaining traction due to currency devaluations and the need for capital preservation. For example, in Africa, Bitcoin payment applications like Machankura and Tando enable the unbanked population to transact globally and make payments to local vendors who accept BTC. Dan Schulman, CEO of PayPal, noted that leveraging technology, including crypto and digital wallets, can democratize financial access, making transactions quicker and cheaper.

The future of crypto adoption looks promising, with a pro-crypto U.S. administration focused on making digital assets accessible to more Americans. This approach is likely to encourage other jurisdictions to adopt comprehensive regulatory frameworks supporting crypto usage. The next era of wealth transfer, driven by GenZ’s familiarity with digital assets, is expected to further legitimize cryptocurrencies. However, the path forward will not be easy, as other emerging technologies like AI compete for attention, and crypto struggles to remain relevant amidst the noise of memecoins.