CoinsPaid reports a 400% increase in monthly payment volume since January, +126% in October alone
The best way to evaluate the actual spread of crypto payments is by the volume and number of transactions processed by the largest gateways. Unfortunately, these numbers can be hard to come by, since most providers don’t release their data. An exception is CoinsPaid, one of the fastest-growing crypto payment networks in the world that serves over 800 merchants.
CoinsPaid’s payment volume grew by 126% on October month-on-month to reach a record 712 million euro. This is up 400% compared to January 2021. Meanwhile, the absolute number of transactions processed in October is 313% higher than in January.
The company has also reported a record increase in the number of merchants served: from 300 at the end of 2020 it has reached 800. In other words, more businesses joined the CoinsPaid gateway this year than in all the previous years of its operation. What is behind such a surge of interest?
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According to CEO Max Krupyshev, merchants see crypto as an attractive alternative to card payments. The average processing fee starts from 0,8%, as opposed to the 3-5% charged by banks for acquiring services. There are no chargebacks and no rolling reserve requirements, and the payment acceptance rate is close to 100%. The benefits are even more significant for businesses in the markets considered high-risk, such as gaming.
Moreover, leading providers, including CoinsPaid, support fiat settlements: merchants can convert crypto revenue into fiat (USD, euro, etc.) and withdraw it directly to a bank account. This means that entrepreneurs don’t have to handle crypto outside of the gateway platform unless they wish.
CoinsPaid’s success was recognized at the AIBC Summit earlier in 2021, where it was named Payment Provider of the Year; in November, the company was nominated again in the same category by the organizers of the AIBC Summit in Dubai. The very existence of this award category demonstrates that crypto payments are an important part of the emerging tech field – even if they don’t get as much attention as blockchain interoperability solutions, for example.