BitPay Payments takes a leap as 23% of companies using Crypto

A surge has been seen in the use of blockchain payment technology, with thousands of companies across the world utilizing it for faster, more secure, and less expensive financial transactions.

BitPay, one of the leading players on the market has had a huge role in transforming how businesses and people send, receive, and store money around the world.

According to data presented by AksjeBloggen, financial services and the internet industry lead in BitPay payments, with around 23% of companies using crypto.

BitPay provides payment processing solutions for businesses that want to accept cryptocurrency payments for their products and services. Its payment protocol offers users a more secure and streamlined cryptocurrency checkout process.

All customers need to do is select crypto as their payment method where the vendor supports BitPay, and pay the invoice directly from their wallet.

Behind financial services and the internet industry as the leading markets, the prepaid card market ranked as the third-leading sector in BitPay payments, revealed Statista and BitPay data. Over 16% of companies operating in this industry accepted cryptocurrency payments as of July. Statistics show the Virtual Private Network (VPN) market ranked as the fourth sector on this list, with 10.4% of companies that have accepted cryptocurrency. Computer games, food and beverages, and currency exchange follow, with 4.2%, 3.2%, and 3.1% share, respectively. The BitPay data revealed that only 1.9% of businesses in the IT industry use blockchain payment systems.

Statistics also indicate the BitPay payments witnessed a steady rise in 2020. In February, the average number of transactions per month stood at 98,500. After a 4% drop in March, it rose to more than 100,700 in April and continued growing. By the end of July, the average number of monthly BitPay transactions jumped to nearly 110,000, an 11% increase in five months.

Statistics also indicate that over 88% of businesses use Bitcoin for cryptocurrency payments. Bitcoin Cash and Ethereum follow, with 4.3% and 3.9% of all BitPay transactions in July.

Analyzed by type of wallet, the BitPay wallet represents the leading digital wallet for BitPay transactions, with a 36% share among all users.