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Cryptocurrency payments are becoming increasingly common in European Union (EU) countries. According to a recent report by Oobit, approximately 70% of all cryptocurrency transactions occur in retail and food and beverage sectors. The average transaction amounts to about $8.36, with USDT being utilized in 92% of operations. The tourism industry also stands out, accounting for 26% of cryptocurrency payments.
Retail and Tourism Shine in Cryptocurrency Payments
Cryptocurrency payments are most widely used in retail and food and beverage sectors. According to the Oobit report, 70% of cryptocurrency transactions in Europe are conducted in these areas. Stores, restaurants, and small businesses have emerged as primary locations accepting cryptocurrency payments.
The report indicates that the tourism sector also holds a significant position in cryptocurrency usage. Hotels, airlines, and travel services constitute 26% of total payments. Tourists prefer cryptocurrency payments due to lower transfer fees and quick transactions.
USDT Usage and the Impact of Technological Advancements
According to the Oobit report, USDT is used in 92% of cryptocurrency transactions in Europe. Known as a stablecoin, USDT is adopted as a secure payment method due to its low volatility and stable value.
Technological advancements play a significant role in the rise of cryptocurrency payments. Fast transfer technologies like Lightning Network and cryptocurrency-enabled digital payment cards facilitate smooth microtransactions. As a result, users are increasingly inclined to use cryptocurrency for their daily shopping.
Data from Chainalysis reveals a 44% annual increase in cryptocurrency usage in central, northern, and western Europe. Particularly, small-scale transactions are growing at a faster rate compared to the U.S., becoming a critical factor in the development of digital payment systems in Europe.
