Emerging Markets Drive 66% Crypto User Growth as Platforms Lag in Localization

Global crypto adoption is being driven by emerging markets, despite the continued focus of developers on Western audiences, according to insights from Konstantins Vasilenko, Co-Founder and Chief Business Development Officer at Paybis. While developed economies dominate headlines, it is countries in Latin America, Africa, and Southeast Asia that are seeing the most rapid growth in crypto usage. Chainalysis’ 2024 adoption ranking placed India, Nigeria, and Indonesia in the top three positions, with only four developed nations making it into the top 20 overall [1]. Paybis' proprietary data further supports this trend, showing a 66% year-on-year increase in users from developing economies, nearly double that of developed markets [1].

Despite this momentum, many platforms fail to optimize for these regions, leading to significant drop-off rates during onboarding. Users in emerging markets face lower conversion rates on crypto on-ramps, with 14% fewer initiating KYC, 20% fewer being approved, and 11% fewer completing transactions compared to their Western counterparts [1]. This discrepancy highlights a critical gap between current platform design and the needs of a growing global user base. Simply replicating Western models—such as desktop-first interfaces and complex verification processes—has proven ineffective in markets where mobile access is dominant and banking penetration is low [1].

In Nigeria, for example, over 96% of users register via mobile, a stark contrast to the desktop-heavy usage in developed nations like Canada, Australia, or Japan [1]. Platforms that fail to adapt to such differences risk alienating potential users and limiting broader adoption. The challenge is compounded by fragmented KYC processes, where users often face repeated verification steps before accessing services, further deterring participation [1].

To address these issues, Paybis emphasizes the importance of payment localization. Integrating with trusted local payment systems can significantly improve user experience and reduce drop-offs. In Brazil, for instance, platforms that integrated with PIX—a government-backed instant payment system—saw a marked improvement in onboarding completion rates and a reduction in early drop-offs [1]. Mercado Bitcoin’s adoption of PIX in 2020 enabled instant, zero-fee deposits using native payment methods, leading to higher user satisfaction and engagement [1].

Localization also involves adapting verification processes, offering mobile-first interfaces, and supporting multilingual support to meet the diverse needs of users in emerging markets [1]. These adjustments are essential for making crypto accessible and intuitive for the majority of users who rely on mobile devices and informal financial systems.

Ultimately, the next phase of global crypto adoption will be shaped not by superior technology alone, but by the platforms that successfully localize their services and make crypto both accessible and relevant to users in developing economies [1].

Source: [1] The west has on-ramps, the rest gave drop-offs: what’s really pushing global crypto adoption (https://cryptoslate.com/the-west-has-on-ramps-the-rest-gave-drop-offs-whats-really-pushing-global-crypto-adoption/)