Security Concerns Hinder Global Adoption of Crypto Payments — Survey

According to Bitget Wallet's latest report, 37% of participants view security concerns as the primary obstacle to the widespread adoption of crypto payments.

Security concerns continue to be the biggest hurdle to the widespread use of cryptocurrency payments, as hacks and phishing scams persist in undermining the industry's credibility.

Over 37% of investors pointed to security risks as the primary obstacle to using cryptocurrency for payments, according to a survey of 4,599 users conducted by Bitget Wallet in its latest Onchain Report.

However, 46% of users expressed a preference for crypto payments over fiat, citing their speed and efficiency.

Source: Bitget Wallet Onchain Report

Bitget Wallet has put in place multi-layered protection mechanisms to prioritize security and boost confidence in crypto payments, according to Alvin Kan, chief operating officer of Bitget Wallet.

“This includes MEV protection, which is now enabled by default across major chains like Ethereum, BNB Chain, and Solana, helping users avoid common risks like front-running and sandwich attacks,” he said.

“We also introduced smart authorization detection via our GetShield engine, which actively scans smart contracts, DApps, and URLs to identify malicious behavior before users approve any transactions,” he explained.

Bitget Wallet's operations are supported by a $300 million user protection fund, providing an extra layer of assurance in the event of "asset loss due to platform-level issues."

Concerns over crypto payment security by region. Source: Bitget Wallet Onchain Report

Security concerns have been a major issue in the industry, particularly with the rise of a new type of phishing attack known as address poisoning or wallet poisoning scams. These scams trick victims into sending their digital assets to fraudulent addresses controlled by scammers.

In the first three weeks of March, victims of address poisoning scams were deceived into willingly transferring over $1.2 million worth of funds to scammers.

While Generation X users consider security to be their top concern, Generation Z users prioritize usability and cost-efficiency, according to Kan.

Africa and Southeast Asia are leading the way in crypto payment adoption. Bitget Wallet’s report revealed that 52% of African respondents and 51% of Southeast Asian respondents expressed interest in crypto payments, largely due to high remittance costs and limited access to banking services.

To assist unbanked regions around the world, Bitget Wallet provides simplified onboarding with non-custodial wallets that don’t require a traditional bank account, according to Kan. He added:

“With support for over 130 blockchains and stablecoins, users can easily send and receive value globally, using assets that retain purchasing power.”

“Local fiat on-ramps and multichain support ensure that users can access crypto without needing extensive technical knowledge or centralized platforms,” he explained.

In Latin America, high transaction costs associated with traditional wire transfers are the primary factor encouraging users to adopt crypto payments, according to Kan.

Remittance fees for bank account transfers averaged 7.34% in 2024, as reported by Statista.