65% of Crypto Card Spending On Everyday Expenses: Survey

Fully 65% of crypto card spending is on everyday expenses, according to a new survey of European card holders.

Looking at a survey of 1,000 Simple Wallet cardholders found that 65% of transactions were for “routine expenses such as groceries, subscriptions like Netflix and Spotify, transport, utilities, online shopping, and cafes.”

About 18% went to travel and cross-border spending, while just 13% went to more stereotypical purchases like topping up neobank accounts or buying luxury items.

The average transaction size is about €40, in dollar-denominated USDC stablecoins, with payment settled in euros at the point of sale.

“Crypto-linked payment cards have evolved from a niche product into a mainstream payment method,” said Simple Wallet and crypto exchange Changelly in a joint release.

60% have a debit card

Changelly did a simultaneous survey of 3,000 of its users worldwide that found that more than 60% have a crypto debit card. 61% of these users say they use cards for everyday expenses.

“Crypto cardholders value the same things as mainstream bank-card users,” Changelly said. In its survey, 65% cited ease of use as the main benefit of crypto cards. Cashback and other rewards was cited by 56%, while 43% pointed to flexibility — the ability to hold crypto until payment and spend on demand.

Non-card-holders’ lack of knowledge about the cards was cited by 58% as the primary reason for not adopting a crypto card.

The results mirror those of a recent similar study of holders of the OKX exchange’s OKX Card, which found that 44% of spending was just on dining and groceries.

“There’s a stubborn myth about crypto spending,” OKX said about its survey results. “The image that persists is a tech nerd or early adopter flaunting their wealth on a sports car or a private dinner, crypto as the currency of excess. The reality, at least for normal OKX Card users across Europe, looks a lot more like an average Tuesday. Forget the Lambo. People are buying lattes.”