Request Finance in Numbers: May 2024 - New ATH in number of payments

Commentary for May 2024

We are helping businesses involved with crypto and fiat. And we prioritize partnering with the safest chains, stablecoin issuers, and infrastructures to power crypto and fiat Accounts Payable, Accounts Receivable, Accounting, Payroll, and Expense Payments. 

At the product level. 

Major update, we introduced the “pay externally’ feature. This means that you can pay via centralized exchange and custody solution by scanning a QR code. 

Request Finance powers crypto-to-fiat payouts to 170+ countries, for 20+ fiat currencies, including EUR, USD, GBP, AUD, SGD, JPY, KRW, IDR, HKD, THB, NZD, CHF, INR and AED ; see the list here. 

New Crypto Payment Options

The number of payment networks and cryptocurrencies supported on Request Finance is second to none and continues to grow each month; in May, we added Base as payment network and  the APE and VDA token. Businesses can now send and receive payments in 350+ cryptocurrencies and stablecoins, 20+ fiat currencies, and 15+ blockchains. 

If you’d like to see a token or chain supported in Request Finance, contact us on Twitter! 

Request Finance is the ultimate finance platform for crypto and fiat Operations, powering Accounts Payable, Accounts Receivable, Accounting, Payroll, Expenses, and flexible payments for enterprises. 

Our extensive support for new payment options enables projects across different chains to transact seamlessly with each other in their preferred token.

Number of crypto payments in May: 3,486

The number of crypto payments made in May saw a 5% increase in the number of new payments made per month. 

The total number of crypto and fiat payments made on Request Finance stands at 69,641.

Value of crypto payments in May: $19.4m  

A key success indicator at Request Finance is the dollar value of crypto payments made through the platform. A total of over $750 million of cryptocurrency payments have been made through the Request Finance platform. 

Of which, around $19.4 million in crypto invoices were paid last month in May alone. 

Top cryptocurrencies: USDC, USDT, SAND, ANKR, cUSD

Another data point to keep track of is which cryptocurrencies are most often used on Request Finance. 

USDC continues to be the most preferred cryptocurrency being used on Request Finance, accounting for about 32% of all crypto payments made by our mostly enterprise users. 

USD-denominated stablecoins as a whole continue to be a popular choice for enterprise crypto payments, making up 60% of the crypto payments on Request Finance. 

The popularity of stablecoins can be explained with many of the same reasons why most people do business in fiat, rather than settling payments in shares of tech companies listed on the NASDAQ. Their stable prices make them ideal as a medium of exchange, and unit of account - two of the three defining features of money.

The unlikely contender of USDT came in second, accounting for about 22% of the total invoices paid in Request Finance, followed by SAND (10%) and ANKR (7%). 

You can find the full list of currencies supported in the Request Finance app here.

Top payment networks: Ethereum, Polygon, BNB Chain, Celo, and Arbitrum

The Ethereum network is clearly the preferred payment network, being used for about 69% of crypto payments processed through Request Finance. 

Polygon secured the second place with 11.4% of the crypto payments volume. BNB Chain followed closely in third place, accounting for 11.3% of transactions made through Request Finance.

Through this monthly report, we hope to provide an overview of what’s happening with Request Finance, and the data driving our product development decisions. We hope that our commitment to transparency will inspire new users to take their first steps into invoicing and payments with cryptocurrency for their business.