Industries that accept cryptocurrency payments through BitPay 2020-2023
In May 2023, the industry with the highest share of BitPay payments worldwide was prepaid/gift cards as it made up over one out of four processed payments. At first, consumer electronics was the industry that used BitPay payments the least. BitPay is a Bitcoin payment aggregator based in Atlanta, Georgia, and essentially acts as an intermediary for online merchants. A client can pay with Bitcoin on a merchant's website, but behind the scenes BitPay converts the paid Bitcoin into U.S. dollars which are then transferred to the merchant. This is a notable difference from Tesla's company in March 2021, when they (briefly) announced they would accept Bitcoin and Dogecoin payments directly - without the need for an aggregator - as they wanted to accumulate Bitcoin in their treasury.
