‘Switch to Crypto is Moving at Breakneck Speed’ Reports Payment Firm
- Payments , E-Wallets , Cryptocurrencies , Banking
- 14.05.2021 10:20 am
A leading e-wallet firm has revealed that cryptocurrency deposits increased by 48% in the first quarter of this year while fiat (official government) currency use remained flat.
STICPAY figures show Bitcoin is the leading cryptocurrency of choice for its e-wallet users, dwarfing Ethereum, Litecoin and Tether by 38 times their combined usage.
STICPAY is also reporting a 185% increase for e-wallet customers changing fiat to crypto using its currency convertor from Q1 2021 compared to the same time last year. Crypto to fiat conversions experienced a 12% drop over the same period.
London-based STICPAY currently offers 33 wallets for both local fiat and cryptocurrencies, which include payment methods such as Visa and Mastercard, bank wire and local bank wire transfer. Its more than 100,000 customers worldwide use its e-wallets primarily for forex, gaming, e-commerce and remittances to family members overseas.
STICPAY’s client service director James Bay says: ‘Cryptocurrencies are increasingly being accepted as a trusted store of monetary value. But we have to say it’s Bitcoin that’s leading the change in payment habits and outlook that’s challenging fiat currencies.
‘The switch to cryptocurrencies is moving at breakneck speed, but whether that trend continues remains to be seen. Even today, high-profile Bitcoin evangelist Elon Musk announced Tesla will no longer be accepting the currency citing environmental concerns, all of which comes after March’s announcement that the business would take payment in Bitcoin.
‘As an e-wallet business we will continue to enable our customers to use crypto and fiat currencies as they want to enable smooth, quick payment for services.’