‘Switch to crypto is moving at breakneck speed’ reports payment firm

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.’
ENDS

About STICPAY
Founded in 2018, STICPAY is a London-based fintech company that serves customers in over 190 countries with a global e-wallet service. With a Year-Over-Year growth of 300%, STICPAY has a strong presence in Asia. Due to the firm’s partnerships with domestic financial institutions, STICPAY offers the option for customers in seven Asian countries to top-up and withdraw funds rapidly and cost-efficiently using the local bank wire service.
While featuring advanced security and anti-fraud measures, the company recently redesigned its mobile apps for iOS and Android, allowing customers to enjoy the full STICPAY experience at the convenience of their smartphones. Along with eCommerce, the company considers the forex industry as one of its top markets for merchants.