Despite the introduction and high rate of crypto adoption amongst citizens of nations like Vietnam, Nigeria, and US, there is still a huge challenge with making crypto-fiat payments for goods and services across the world.
This is one of the reasons behind the creation of several crypto payment platforms in the industry. With these tools, anyone anywhere can pay for goods and services using crypto as well as fiat.
While several products do this, here are the top ten payment platforms according to the factors listed below.
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Bitpay
Bitpay is a platform that allows users and merchants to carry out crypto-fiat transactions. Cryptocurrencies like BTC, ETH, SHIB, and ten other coins can be bought and converted using Bitpay.
There are registered merchants in the platform that sell cryptocurrencies and exchange them for fiats so that everyday users can have access to either. Bitpay allows anyone to buy, store, swap and spend cryptocurrency on its app.
- Platform: web, and app on Google Store, App Store, Windows 10 and Linux.
- Number of Users: As of January 2021, 3 million users
- Number of Cryptocurrencies: 13 cryptocurrencies and 4 stablecoins
- Processing Fees:
- Mode of Payments permitted: credit card, debit card Google Pay or Apple Pay.
- Countries Accessible: 299 countries and territories.
- Wallets and Exchanges Accessible: over 90 wallets and most popular exchanges including Coinbase, Binance, Gemini and Kraken.
Coingate
Coingate is a Lithuanian-based crypto payment gateway platform launched in 2014. Users on the platform can accept, trade and manage bitcoin as well as other cryptocurrencies.
As a merchant, you can sell and buy cryptocurrencies to and from other users on the platform. As of December 2021, the platform had 6,000 merchants.
For traders or those who want to trade, they have various options of buying and selling to use to get the cryptocurrencies they want.
- Platform: web and as a plugin on business websites
- Number of Users: More than 350,000 registered users with over 2.3m transactions done
- Number of Cryptocurrencies: over 70 cryptocurrencies
- Processing Fees: low network fee
- Mode of Payments permitted: credit card and debit card
- Countries Accessible: 100 plus countries
- Wallets and Exchanges Accessible: over 90 wallets and most popular exchanges including Coinbase, Binance, Gemini or Kraken.
- Others: Users can purchase gift cards on the Coingate platform.
Coinbase.Commerce
Coinbase Commerce is a platform by Coinbase exchange that enables merchants to accept payments for goods and services safely.
All payments on the Coinbase Commerce platform are decentralized and peer-to-peer. Therefore, no third party has access to the crypto that is transferred from wallet to wallet.
- Platform: web, as a plugin on business websites
- Number of Users: More than 8,000 merchants and accessible to over 98m Coinbase registered users
- Number of Cryptocurrencies: over 10 cryptocurrencies
- Processing Fees: free
- Mode of Payments permitted: credit card and debit card
- Countries Accessible: 100 plus countries
- Wallets and Exchanges Accessible: over 90 wallets and most popular exchanges including Coinbase, Binance, Gemini or Kraken.
- Others: Users can purchase gift cards on the Coingate platform.
CoinPayments
CoinPayments started in 2013 as the first payment processor for altcoins. All other payment platforms were focused on BTC except Coinpayment. Today, anyone can access the features of the platform as a merchant or for payment of goods and services online using crypto. It is integrated with an exchange that processes the trading of several cryptocurrencies.
- Platform: web, as a plugin on business websites and as a mobile app
- Number of Users: 2.2m users and more than 100,000 merchants
- Number of Cryptocurrencies: over 2,000 cryptocurrencies
- Processing Fees: 0.5%
- Mode of Payments permitted: credit card and debit card
- Countries Accessible: 190 plus countries
- Others: Users can purchase gift cards, have processed over $10b from 2013, and has a custodial wallet system
NowPAYMENTS
NOWPayments, a crypto-payment platform, was released in 2019 by the ChangeNOW team. With the system, users can accept crypto for payment of their goods as well as pay for services using cryptocurrencies.
For now, it can be integrated into a website or online store as a plugin that offers customers options to pay with crypto or fiat.
- Platform: web and as a plugin on business websites
- Number of Users: Not specific
- Number of Cryptocurrencies: over 50 cryptocurrencies
- Processing Fees: 0.5%
- Mode of Payments permitted: credit card and debit card
- Countries Accessible: not specific
- Others: Affiliate program for users, noncustodial system, and presence of an exchange, ChangeNOW
Crypto.com Pay
Crypto.com Pay was launched in 2018 by the Crypto.com team to enable global access to payment with crypto. Since then, the platform has been used by global brands like TIME Magazine, Ledger, Coinzilla, WooCommerce and Oveit.
- Platform: web, plugin on business websites, and mobile app
- Number of Users: more than 300,000 users
- Number of Cryptocurrencies: over 30+ cryptocurrencies
- Processing Fees: low network fee
- Mode of Payments permitted: credit card and debit card
- Countries Accessible: 30 plus countries
- Others: Users can purchase gift cards, NFTs, and use other services offered by crypto.com
Binance Pay
Binance Pay is a global safe cryptocurrency payment system designed by the largest crypto exchange by volume in the world, Binance. With Binance Pay, users can pay and get paid in crypto from anywhere around the world.
It was launched in February 2020 to help crypto users carry out payments seamlessly.
- Platform: web, as a plugin, and mobile
- Number of Users: More than 11m registered users
- Number of Cryptocurrencies: over 50 cryptocurrencies
- Processing Fees: no fees
- Mode of Payments permitted: payment links
- Countries Accessible: 100 plus countries
- Others: Integrated with the Binance ecosystem and other services, and uses a custodial system
MoonPay
MoonPay is a crypto-fiat payment platform launched in 2018 by Ivan Soto-Wright and Victor Faramond to ease the integration of cryptocurrencies in everyday financial transactions. Users can use credit cards to purchase virtual money with MoonPay.
While the platform has unique features, its fees and limited trading tools is one downside of the project. Users of MoonPay enjoy an easy UI with a simple system that can be integrated into other crypto apps to carry out transactions including buying and selling non-fungibles.
Other features of MoonPay:
- Platform: web, and as a plugin
- Number of Users: More than 10m registered users
- Number of Cryptocurrencies: over 40 cryptocurrencies
- Processing Fees: 4.5%
- Mode of Payments permitted: cards
- Countries Accessible: 160 plus countries
- Others: uses a noncustodial system
XendFinance
XendFinance is one of the fastest growing blockchain platforms in Africa that is providing financial services to Africans. It acts as a virtual bank where users can save their money against inflation and carry out crypto-fiat operations.
On the savings plan, there are fixed and flexible subscriptions. The former is activated when funds are locked up for a particular period while the latter allows savers to withdraw their funds at any time while they earn interest. Xend uses the Xend token which is available on Gate.io, Ascendex, and UniSwap.
Other features of XendFinance platform:
- Platform: as mobile
- Number of Users: More than 100,000 plus registered users
- Number of Cryptocurrencies: not available yet.
- Processing Fees: at the transaction point
- Mode of Payments permitted: transfer and apps
- Countries Accessible: number not specific but across Africa
- Others: referral system, and supported
Wirex
Wirex was founded by Pavel Matveev and Dmitry Lazarichev in 2014 to allow users access to the digital economy. With Wirex, fiat-crypto transactions are possible.
From the launch of the platform until today, the team has released other products to make services easier like the mobile application, the Wirex Wallet, and the Wirex Visa card.
Other features of Wirex:
- Platform: as mobile app on iOS and Android
- Number of Users: More than 3.5 registered users
- Number of Cryptocurrencies: over 10 cryptocurrencies
- Processing Fees: average
- Mode of Payments permitted: cards and transfers
- Countries Accessible: 130 countries
- Others: has a referral system, primary token (Wirex Token – WXT), trading features and noncustodial
These products have enhanced the exchange of crypto-fiat assets across the world. But beware that this list will not always be the same, hence the need for constant research to help you make informed decisions.
