Despite the increasing interest in crypto asset payments in emerging markets, concerns about security continue to be a major obstacle to wider adoption, as indicated in a recent report.
According to a global survey conducted by Bitget Wallet, involving 4,599 participants, over a third of users identify security vulnerabilities such as hacks and phishing scams as the primary barrier preventing them from using cryptocurrency for everyday transactions.
Addressing Security Concerns
While 46% of those surveyed expressed a preference for using crypto over fiat currencies due to faster transaction speeds and increased efficiency, trust issues remain a persistent challenge.
As blockchain-based payment methods gain traction, the demand for advanced protective tools is increasing, particularly in response to the rise of sophisticated cyber threats targeting users’ wallets and on-chain activities.
Bitget Wallet’s latest Onchain Report underscores the potential and challenges facing crypto payments globally. Alvin Kan, Chief Operating Officer of Bitget Wallet, emphasized the platform’s focus on security by implementing multi-layered protective features throughout its wallet infrastructure.
These features include MEV (Maximal Extractable Value) protection, now default across networks like Ethereum, BNB Chain, and Solana, to prevent manipulative trading practices such as front-running and sandwich attacks.
The wallet also utilizes its proprietary GetShield engine to scan decentralized apps, smart contracts, and links for signs of malicious behavior before users unwittingly authorize harmful transactions.
Kan noted that adoption patterns are influenced by generational differences, with Gen X users focusing more on wallet security, while younger users, particularly Gen Z, prioritize ease of use and transaction fees.
Growing Regional Demand Despite Challenges
Bitget Wallet’s report also indicates a significant interest in crypto payments in emerging markets. In Africa, 52% of respondents expressed interest in using digital assets for transactions, with a similar level of interest (51%) recorded in Southeast Asia.
Regions interested in crypto payments. | Source: BitgetIn both regions, limited access to traditional banking and high remittance costs are key drivers of adoption. To meet this demand, Bitget Wallet has prioritized features that facilitate onboarding without the need for bank accounts.
Its non-custodial wallet solution supports over 130 blockchains and stablecoins, enabling users to transfer value across borders with stable purchasing power.
Kan highlighted that localized fiat on-ramps and multichain compatibility make the platform accessible to users without technical expertise. In Latin America, the platform is experiencing increased usage, particularly in response to the high fees associated with traditional wire transfers.
Overall, while security remains a significant concern in the crypto payment space, evolving solutions and targeted regional initiatives suggest a growing interest in digital payments, especially in underserved financial ecosystems where traditional infrastructure has proven inadequate.
