Crypto card payments hit $1.5B monthly but remain niche, Tiger Research finds

Monthly payment volume processed through cryptocurrency-linked cards has crossed the $1.5 billion mark, a milestone that reflects growing interest in digital asset spending. However, according to a new report from Asian Web3 research and consulting firm Tiger Research, the technology has not yet achieved the widespread adoption needed to function as a universal financial infrastructure. The current volume annualizes to roughly $18 billion.

Emerging markets drive crypto card usage

The report highlights that a significant share of transaction activity is concentrated on RedotPay, a crypto card issuer. Usage is heavily skewed toward emerging economies where access to U.S. dollars is limited, including Bangladesh, India, and Nigeria. In these markets, crypto cards serve as a practical alternative for cross-border transactions, online purchases, and everyday spending, bypassing traditional banking barriers.

In contrast, developed nations have yet to see crypto cards achieve product-market fit. The report argues that in these regions, the cards are not integrated into routine financial activities such as salary deposits, automatic bill payments, or savings accounts. As a result, they remain a secondary payment method rather than a primary financial tool.

Ecosystem building over card issuance

Tiger Research predicts that market leadership in the crypto card space will not go to companies that simply issue cards. Instead, the firms that succeed will be those that establish reliable fund inflow channels and build a broader financial ecosystem capable of functioning as a user’s primary account. This means offering services that go beyond spending, such as savings, lending, and seamless fiat on-ramps.

The report underscores a critical point: for crypto cards to move from niche to mainstream, they must integrate into the daily financial lives of users, particularly in markets where traditional banking is already efficient.

What this means for the crypto payments sector

The $1.5 billion monthly figure is notable, but it represents a fraction of global card payment volumes. The findings suggest that while crypto cards are gaining traction as a bridge between digital assets and real-world spending, the infrastructure remains fragmented. The challenge for the industry is not just increasing transaction volume, but building the trust and utility required to compete with established financial systems.

Conclusion

Tiger Research’s analysis provides a clear-eyed view of the crypto card market’s current state. The technology is proving valuable in underserved regions, but it has not yet become a universal financial solution. The path to mainstream adoption lies in creating comprehensive financial ecosystems that can serve as primary accounts, not just spending tools.

FAQs

Q1: What is a crypto card?
A crypto card is a payment card that allows users to spend cryptocurrencies like Bitcoin or stablecoins at merchants that accept traditional debit or credit cards. The card typically converts crypto to fiat currency at the point of sale.

Q2: Why are crypto cards popular in emerging markets?
In countries with limited access to U.S. dollars or unstable local currencies, crypto cards offer a way to hold and spend stablecoins or other digital assets, facilitating cross-border transactions and protecting against currency devaluation.

Q3: What is needed for crypto cards to become mainstream?
According to Tiger Research, mainstream adoption requires crypto card providers to build comprehensive financial ecosystems that integrate with daily activities like salary deposits, bill payments, and savings, rather than simply offering a spending tool.