Security: biggest barrier to crypto as everyday payment method – report

A study by Bitget Wallet, a Web3 non-custodial wallet, revealed key insights into the global adoption of crypto payments, bringing into light how different regions and generations are perceiving this new payment method.

The study, based on a survey of 4,599 users, finds 46 percent of users prefer crypto payments for speed. However, the study also finds that 37 percent users cite security risks associated with crypto payments as a key barrier.

Region-wise requirements

Crypto adoption trends differ significantly across various regions, according to the study. In Africa, the demand for faster payments is particularly high, with 52 percent of respondents indicating a preference for crypto payments due to limited access to traditional banking services and high remittance costs. Similarly, Southeast Asia has 51 percent demand for faster payments.

In Latin America, about 41 percent of those surveyed showed concerns over transaction fees. This is particularly because in the region, crypto is widely used for cross-border payments. Therefore, the high costs associated with some crypto transactions can discourage broader adoption.

In North America and Oceania, the focus of 36 percent of those surveyed was seamless global transactions. Whereas the main concerns of 38 percent people from the Middle East and 35 percent of those from Western Europe for crypto adoption were privacy. Another major barrier to the digital currency’s adoption as an everyday payment method remains limited merchant acceptance, with 31 percent people flagging it.

Requirements by generations for crypto payment adoption

Generational adoption trends find 49 percent of Gen X prioritise speed as the most important factor in choosing crypto for payments. However, security remains a top concern for this generation, with 42 percent of respondents indicating that they are cautious about the safety of their assets in the crypto space. On the other hand, 42 percent of Millennials and 39 percent of Gen Z, are more interested in borderless transactions. Moreover, about 36 percent of Gen Z is more sensitive to transaction fees.

Bitget Wallet has launched PayFi initiatives, integrating earning, sending, and spending into a seamless onchain financial ecosystem within a single platform to try and bridge these gaps. “Crypto payments are evolving, but for mainstream adoption, security, cost-efficiency, and usability must improve,” the company’s chief operating officer (COO) Alvin Kan said.

“With PayFi, we’re redefining how people interact with digital assets — ensuring every transaction not only enables payments but also contributes to financial growth. By integrating crypto more seamlessly into everyday life, we aim to make digital finance truly accessible to billions worldwide.”