Request Finance in Numbers: September 2024

Commentary for September 2024

We help businesses involved in crypto and fiat. 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 Updates: 

Invoice Templates: Create reusable templates. Invoice description, amount, currencies, networks, and memos can be pre-defined. 

Duplicate Bill Warning: Request helps you avoid costly double payments by automatically detecting potential duplicate bill imports, ensuring accuracy and saving time.

Payment Notification for Imported Bills & Direct Payments: Recipients of such payments will get an automated email notification with payment details.

Crypto to Fiat Confirmation file: Download PDF, which includes all payment details. 

Request Finance powers crypto-to-fiat payouts to 190+ 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 monthly; in September, we added SSV (Ethereum) and POL (Polygon) tokens. Businesses can now send and receive payments in 360+ 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 September: 3,715

The number of crypto payments made in September saw a 4% fall in the number of monthly new payments. 

The total number of crypto and fiat payments made on Request Finance stands at 85,785.

Value of crypto payments in September: $21.8m  

A key success indicator at Request Finance is the dollar value of crypto payments made through the platform. A total of over $830 million of cryptocurrency payments have been made through the Request Finance platform. 

Of these, around $21.8 million in crypto invoices were paid in July last month alone. 

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

Another data point to track 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 38% 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 71% 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.

USDT, the unlikely contender, came in second, accounting for about 28% of the total invoices paid in Request Finance, followed by SAND (7%) and ANKR (6%). 

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

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

The Ethereum network is the preferred payment network, and about 67% of crypto payments processed through Request Finance are made on it. 

Polygon secured second place with 12% of the crypto payments volume. BNB Chain followed closely in third place, accounting for 10% 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 our transparency commitment will inspire new users to take their first steps into invoicing and payments with cryptocurrency for their business.