Despite traditional payment systems controlling the majority of money flow in the financial ecosystem, cryptocurrencies have mad

Despite traditional payment systems controlling the majority of money flow in the financial ecosystem, cryptocurrencies have made some serious inroads in the space. Although crypto platforms lag behind the legacy payment systems when it comes to processing transactions quickly, they have addressed some of the major shortcomings of the latter — such as longer settlement times, the involvement of many intermediaries, a lack of transparency, and higher commissions.

Crypto payment providers are targeting a variety of areas and sectors, including e-commerce, online gaming, and retail. Many payment providers are focusing on providing payment processing solutions for merchants and businesses that want to accept cryptocurrency as a form of payment from customers. This includes offering integrations with popular e-commerce platforms, such as Shopify and Magento, and developing APIs that enable businesses to easily accept payments and manage their cryptocurrency transactions.

Other payment providers are focusing on the retail sector, by developing point-of-sale (POS) systems and other solutions that enable merchants to accept cryptocurrency payments in-store. Overall, the goal of cryptocurrency payment providers is to make it easy for businesses and individuals to use and accept cryptocurrency as a form of payment, and to provide the necessary infrastructure and support to facilitate these transactions.

Apart from these, cryptocurrency payment providers are also facilitating digital payments for Non-fungible tokens (NFTs), Web3 transactions, and Remittances. Service providers, such MoonPay, enable NFT payment solutions, whereas the latter two offer NFT payments through credit cards. ’s decentralized Web3 peer-to-peer payments gateway solution allows merchants to accept cryptos. While  offers remittance solutions for companies.

The infographic above by Blockdata lays out the current landscape of some of the key crypto payment providers. Let’s look at some of the popular ones that charge a low transaction fee of 1% or less.

• BinancePay — This platform allows merchants to accept payments using over 50 different cryptocurrencies and stablecoins. It provides a range of products and services for merchants, including payment APIs, hosted checkout pages, App SDK, mini-programs, payment links, and payouts.
•  — Allows merchants to accept payments made in 16 different cryptocurrencies from customers in 229 countries and territories. Merchants can accept these payments directly on their websites or send invoices with embedded crypto payment options to customers via email. In addition, BitPay allows merchants to accept in-person payments at physical stores using smartphones and tablets.
• Coinsbank — An all-in-one crypto services provider that offers a crypto exchange service, wallet services, crypto cards, and a merchant gateway. It supports Bitcoin, Litecoin, Ethereum, and Ripple.
• Coinbase Commerce —This service allows merchants to accept cryptocurrency payments directly into their crypto wallets. It can also be easily integrated into the checkout process or added as a payment option on e-commerce platforms.
• — A service for both online and physical stores to accept payments made in over 70 different cryptocurrencies, such as Bitcoin, Litecoin, and Ethereum. It also provides an email billing solution that enables merchants to send digital invoices with crypto payment options to customers via email. CoinGate’s services are used by businesses in over 70 countries.
•  — Operates in over 180 countries and serves more than 45,000 merchants. This payment solution allows merchants & their customers to make payments in 10 supported cryptocurrencies while getting payouts in their preferred fiat currencies.
• CoinPayments — This company serves over 100,000 merchants in over 190 countries. Its payment gateway solution allows merchants to accept payments made in over 175 different cryptocurrencies.
• NOWPayments— It is a service provider that enables merchants to accept cryptocurrency payments on their websites and at physical stores — supporting around 150 different cryptocurrencies & tokens, and allows for the acceptance of donations from customers and merchants.
•  — Its e-commerce, billing, and donation tools enable merchants to accept payments from global customers using Bitcoin and other cryptocurrencies. Payments are received directly into the merchant’s SpicePay wallet.

While only El Salvador and the Central African Republic are the only two countries that have declared Bitcoin as legal tenders, other heavily sanctioned countries like Russia and Iran have let their residents use cryptocurrencies for making cross-border payments. Other jurisdictions like Singapore are at the forefront of crypto payment adoption. The Monetary Authority of Singapore (MAS), approved separate licenses for Circle and Paxos in Nov. 2022.

Other crypto payment firms getting the seal of approval from the MAS in 2022 include Blockchain.com, COINBASE Luno, Digital Treasures Center, Crypto.com, Genesis, and Sparrow. The current digital disruption has transformed the way consumers and businesses interact — promoting the growth of crypto payments. And this is probably all set to continue into the new year, in the wake of crypto-friendly regulations and the growing institutional adoption.

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