Request Invoicing in Numbers: June 2021
Check out this months' edition of Request Invoicing in Numbers, where we'll be reviewing our growth metrics on our Request Invoicing app.
👋 Good day Request Enthusiasts!
Welcome to another monthly edition of Request Invoicing in Numbers where we’ll be reviewing the usage metrics of the product since our last update in May 2021.
This format is intended to bring the highest amount of transparency to our users, community and others with an interest in Request.
Note: This report exclusively looks at usage data from the Request Invoicing product and leaves out data from Request Create and/or direct protocol integrations. Additionally, this post doesn’t consider the invoices and payments managed in fiat currency since the primary focus currently for Request is strictly on cryptocurrency.
Cumulative payments amount: $77m at the end of June vs $56m at the end of May
A key indicator for success at Request is the cumulative value of payments made through the Request Invoicing app.
We’re thrilled to announce that we have transacted over $77 million since September 2020, after the app was launched. For June alone, more than $21 million in cryptocurrency payments were processed with the app.
Shown in the chart below is the cumulative payment amount (light blue) versus the monthly payment amount (dark blue). We believe the growth in payments amount will continue to accelerate as we add more features to the product and new partnerships are forged.
Newly registered companies: +21% increase on average this year
One other important metric to look at is the growth of new accounts signed up to the product. They represent new businesses and freelancers onboarding to Request Invoicing with the main use case being to pay and get paid in cryptocurrency.
This year, the increase in signups has been +21% per month on average, as illustrated in the chart below. This growth can be attributed to our ongoing business developments with top crypto companies and our marketing efforts that started in April for generating brand awareness and user acquisition.
Since August 2020, we’ve had more than 3767 business users signed up to Request Invoicing.
773 invoices issued in June (+35% increase from previous month)
For businesses and freelancers, getting invoices and bills paid on time is at the top of their list. This means that the invoicing process must run smoothly between the payer and issuer. The invoice data is to be provided accurately and the payment status updates are prompt in a timely manner.
As illustrated in the graph below, the overall issued-to-paid invoice ratio is 61% since August 2020. The number of issued invoices in June has increased by +35% when compared to May. Out of a total of 2967 invoices issued and accepted, 1815 of them have been paid. Non-paid invoices mainly consist of duplicates, cancellations, or tests that occasionally happen with first-time users trying out the invoicing app.
This metric provides insights to improve the user experience for Request Invoicing, aiming to increase the paid versus issued invoice ratio and reduce the barriers to payment.
It’s important to note that it can take more than 20-30 days for invoices to be paid, and even much later. Therefore, some of the invoices issued in June are still pending for payments likely to occur during the month of July.
Currency payment breakdown: 40% in DAI and 14% in USDC (vs 52% in DAI and 12% in USDC for May)
As we continuously roll out support for additional currencies, understanding how often they are used is key.
$DAI continues to lead as the most highly used currency with Request Invoicing, accounting for 52% of the total invoices issued and paid. This can be attributed to MakerDAO’s continued usage as well as $DAI’s tremendous utility as a decentralized stable token. Also, $USDC has been gaining traction as the 2nd most popular cryptocurrency payment, comprising 12% of the total invoices issued and paid.
It’s also important to note that $USDT, $GRT and $OCEAN remain in the list of top invoice currencies since April. The rest of the cryptocurrencies that are used as payment and labelled in the chart as Other are: $ETH, $AAVE, $MPH, $BTC, $INDA, $cUSD, $REQ, including several more. You can find the list of currencies supported in the Request Invoicing app here.
Another interesting aspect to look at is which cryptocurrency is the most widely used with Request Invoicing.
$DAI has been leading since the launch of the product as the most used cryptocurrency as payment, accounting for 40% of the total invoices paid. Next in the list, we have $USDC and $USDT with 14% and 8% of the total invoices paid, respectively. Understandably, stablecoins are a popular choice by many businesses.
It’s also important to note that $GRT and $OCEAN are in the list of top currencies. The rest of the cryptocurrencies that are labelled as Other in the list are: $ETH, $AAVE, $MPH, $BTC, $INDA, $cUSD, $REQ, $CUSD, $AKRO including several more. You can find the list of currencies supported in the Request Invoicing app here.
With this monthly report, we hope that it gives you an overview on what’s happening with Request Invoicing and what data is driving our product decisions. By increasing transparency, we aim to inspire potential users to take their first steps into cryptocurrency invoicing and payments.
The 2nd quarter of 2021 ended with positive signs of growth in newly registered accounts, number of invoices issued and paid, total amount of payments accumulated, and new currencies added.
We’re excited about our upcoming product features that will further drive the adoption and use case for Request Invoicing throughout the rest of the year.
Want to see what’s going on with Request on a daily basis? Our community has built a Twitter bot that reports all network activity over the past 24 hours. You can also check the Request Activity Dashboard
Any specific metric missing you’d like to see covered in the following report? Feel free to get in touch with us through mail or by joining our Discord channel!
Happy invoicing! 🖖
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